US inventory data lead to disillusion on the oil market

Contrary to expectations and the API report of the day before, US crude oil stocks increased by 384,000 barrels last week.  

The inventory build took place despite imports decreasing and refineries processing more crude oil. Crude oil stocks at Cushing and stocks of gasoline and distillates also rose. 
Another surprise was that gasoline demand was unable to maintain its high level of the previous week after all, the week around Independence Day normally sees some of the highest demand of the summer driving season, says Commerzbank.