Commodities Buzz: US crude oil inventories surge 17.4 million barrels

The Crude oil inventories in the United States saw a sharp increase of 17.4 million barrels during the week ending August 7, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 424.4 million barrels, according to government data, which are now just 2% below the five-year average for this time of year.

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