Energy Preview: EIA data shows US crude inventories jump by 7.7 million barrels

Gains in US crude oil futures were limited by a sharp jump in EIA crude inventories although the commodity is holding near a six week high above $70 per barrel amid heightened supply concerns. Crude oil inventories in the United States increased by 7.7 million barrels during the week ending July 25, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 426.7 million barrels according to government data, which is still 6% below the five-year average for this time of year. For total motor gasoline, the EIA reported a decrease of 2.7 million barrels, with daily production increasing to 10 million barrels.

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