Oil Prices Hold Near Recent Highs as API Data Shows Inventory Builds

Oil prices held near recent highs on Tuesday, with private API data showing inventory builds across crude, gasoline and distillates ahead of official US government figures due Wednesday morning. The American Petroleum Institute reported a build in crude inventories for the week ended September 11, while also showing increases in gasoline and distillate stocks.

The news came as major FX traded in a subdued range ahead of today's Federal Open Market Committee decision, with markets widely expecting a rate hike. Japanese and South Korean equities similarly traded in narrow, cautious ranges as investors awaited the outcome.

Crypto markets came under pressure following developments out of the United States on Tuesday. The Senate failed to advance the Clarity Act on a cloture vote, denying the crypto industry a unified federal regulatory framework and confirming that oversight will continue through existing SEC and CFTC rulemaking rather than statute. Bitcoin extended its losses on the result, though the outcome had been broadly anticipated by markets ahead of the vote.