US Crude Inventories Drive July Oil Price Surge FAST-MOVING

US crude inventories Cushing storage oil price rebound OPEC+ output pause Strait of Hormuz disruption

Cushing, Oklahoma – the key delivery hub for West Texas Intermediate – saw its crude stocks dip below 20 million barrels between the week ending June 19 and the week ending July 10, the lowest level since 2014, with a bottom of roughly 20.04 million barrels (about 26 % of the hub’s capacity).

In the United States, official data indicated that commercial crude inventories fell by about 3.3 million barrels in the week ended July 24, prompting oil futures to climb more than $2 per barrel on July 29. Brent futures rose $2.71 to $86.80 a barrel and WTI rose $2.26 to $81.95 a barrel. Market participants also noted that OPEC+ is expected to halt planned output increases for three months starting in October.

Separately, the American Petroleum Institute reported a rise of 3.296 million barrels in U.S. crude inventories for the same week, highlighting a discrepancy between data sources. The API also noted a further decline of 273 000 barrels at the Cushing hub, along with modest changes in gasoline and distillate stocks.

Entities: Brent crude · Cushing, Oklahoma · OPEC+ · United States · West Texas Intermediate

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[● 10 SOURCES] U.S. commercial crude inventories fell by approximately 3.3 million barrels in the week ending July 24. (American Petroleum Institute market sources cited by Reuters)
[● 4 SOURCES] Brent futures rose $2.71 to $86.80 per barrel on July 29. (Reuters market report)
[● 4 SOURCES] U.S. West Texas Intermediate (WTI) crude rose $2.26 to $81.95 per barrel on July 29. (Reuters market report)
[○ 1 SOURCE] Cushing inventory reached a low of about 20.04 million barrels, roughly 26 % of its 76 million‑barrel capacity. (EIA weekly petroleum status report)
[○ 1 SOURCE] Cushing crude inventories were below 20 million barrels from the week ending June 19 through the week ending July 10. (EIA weekly petroleum status report)
[○ 1 SOURCE] Cushing inventory fell an additional 273 000 barrels in the week ending July 24. (API data cited by Oilprice.com)
[○ 1 SOURCE] The American Petroleum Institute reported U.S. crude inventories rose 3.296 million barrels in the week ending July 24. (API estimate quoted by Oilprice.com)
[● 4 SOURCES] OPEC+ is expected to suspend planned output increases for three months starting in October. (Reuters sources)