In the latest report by the Energy Information Administration, it was noted that U.S. crude oil inventories increased last week due to a rise in imports and a decrease in exports. Crude oil stocks went up by 2.6 million barrels to reach 442.3 million barrels, surpassing analysts' predictions. Net U.S. crude imports saw a rise of 360,000 barrels per day while exports dropped to 3.2 million barrels per day.

Concerns were raised about the effects of potential reduced access to the Chinese market on U.S. oil exports. China announced an increase in tariffs on U.S. goods in response to President Trump's tariff policies. The news led to a decline in oil prices by over 5%.

Gasoline stockpiles decreased by 1.6 million barrels, slightly more than the expected draw. However, the demand for gasoline, indicated by product supplied, declined to 8.4 million barrels per day, raising concerns among investors about weakening demand before the peak summer season.

Distillate inventories, which include diesel and heating oil, fell by 3.5 million barrels, contrary to expectations of a slight increase of 260,000 barrels. The report also mentioned a rise in crude stocks at the Cushing hub in Oklahoma.

The utilization rates of refineries increased to 86.7% of capacity, with a 69,000 barrels per day rise in refinery crude runs. These market developments were closely monitored by industry experts for potential economic impacts.