Energy Preview: US crude oil inventories register an increase of 2.5 million barrels, EIA data shows

Crude oil inventories in the United States saw an increase of 2.5 million barrels during the week ending July 31, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 407 million barrels, according to government data, which are now 6% below the five-year average for this time of year. The EIA?s data release follows API?s figures that were released a day earlier, which reported that crude oil inventories had risen by 2.69 million barrels in the period. For total motor gasoline, the EIA reported that inventories fell 1.6 million barrels, after increasing slightly in the week prior. The most recent figures showed that average daily gasoline production decreased to 9.6 million barrels.

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