US oil inventories rose by 1.9 million barrels

The American Petroleum Institute said that crude oil inventories rose by 1.9 million barrels in the week ending on the fifteenth of July.

The weekly report of the American Institute revealed that gasoline stocks rose by 1.3 million barrels last week, while distillate stocks decreased by 2.2 million barrels.

The US Energy Information Administration is due to release official inventory data on Wednesday, with crude stocks expected to fall 200,000 barrels.

And oil prices recorded a rise when they settled on Tuesday, as Brent crude futures for September delivery rose 1% to $107.35 a barrel, and West Texas crude for August delivery rose 1.6 percent to hit $104.22.