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The Energy Information Agency reported a surprise build-up in commercial crude inventories in the US last week as refineries reduced operating rates amid falling demand for gasoline while exports have also dropped.

The latest data showed the crude inventories built up 4.5 million barrels in the week ending 29 July to 426.6 million barrels. 

Refinery utilisation rates fell another 1.2% from the week before to 91%. 

Meanwhile, gasoline stocks piled up for the second week in a row, adding 200,000 barrels to 225.3 million barrels – underlining the falling demand. 

Export of US crude also dropped 1 million barrels per day despite the large price gap with Brent benchmarks.