U.S. Oil Inventories Rise for Ninth Week in Row

Crude oil inventories in the United States continued to increase for the ninth consecutive week, adding 2.1 million barrels in the week ending July 16, according to official figures released on Wednesday.

The U.S. Energy Information Administration (EIA) reported a decline in gasoline stockpiles by 100,000 barrels, while distillate inventories decreased by 1.3 million barrels.