Inventories of U.S. crude oil and gasoline rose last week, the latest American Petroleum Institute report showed.
Crude oil inventories rose 565,000 barrels last week to 313.5 million barrels, API said after trading ended. The total was up from a revised 312.9 million the week before. Inventories last week were 7% higher than a year earlier.
Venezuelan Oil Minister Alvaro Silva said world inventories are sufficient to meet demand, suggesting that the Organization of Petroleum Exporting Countries will not raise oil production quotas at its next meeting Tuesday.
API also said gasoline inventories rose by 3.3 million barrels last week to 222.9 million, up 8.5% from a year earlier.
Before the report's release, gasoline for July delivery fell 1.23 cents, or 1.6%, to 77.79 cents a gallon and crude oil for August delivery fell 27 cents, or 1%, to $26.98 a barrel, both on the New York Mercantile Exchange.