US oil inventories rose by more than one million barrels

US oil inventories data recorded an increase of more than one million barrels, while expectations were hovering around a decrease in the range of two million barrels.

Data from the US Energy Information Administration revealed an increase in oil inventories by 1.233 million barrels, compared to expectations of a decrease of about 2.100 million barrels, while the previous reading recorded a decrease of 4.156 million barrels.

After the release of the data, Brent crude futures rose by 0.45% to $77.8 per barrel, while US West Texas Intermediate crude futures rose by about 0.42% to $73.5 per barrel.

Oil prices rose slightly on Wednesday morning, but are still near their lowest levels in four months, as markets absorb OPEC+’s decision to increase supplies later this year and in the wake of an increase in US crude and refined product inventories.