API and EIA Announce Conflicting Data

Last week API announced that crude inventories had fallen by 3.9 million barrels, while EIA published “significantly contradictory information”, showing that oil stocks have increased by 1.4 million barrels the week of July 31 and 1.67 million barrels the previous week. The slowly increasing rig count in the U.S., up for the sixth straight week, may be contributing to the growing stock pile. Baker Hughes reported an increase of 7 rigs the week starting July 31.