API reports surprise build in US crude stocks

Quantum Commodity Intelligence - Crude and gasoline stocks built in the US last week, the American Petroleum Institute reported late Tuesday, according to various media reports.

The news follows a crash in crude prices Monday that wiped almost $5/b off September Brent to send the front month future to a seven-week low under $69/b.

Crude supplies climbed by 806,000 barrels for the week ended July 16, after eight weeks of draws.

Gasoline stocks climbed 3.3 million barrels, but there was a draw in middle distillates of 1.2 million barrels.

The US Energy Information Administration will release its weekly oil stock data Wednesday.