Commodities Buzz: Crude oil inventories in US spurt 4.4 million barrels

Crude oil inventories in the United States saw a massive increase of 4.4 million barrels during the week ending August 14, according to latest data from the US Energy Information Administration (EIA) released on Wednesday. This spurt brings commercial stockpiles to 428.8 million barrels, according to government data, which around the five-year average for this time of year.

For total motor gasoline, the EIA reported that inventories climbed 700,000 barrels, after falling by 1.0 million barrels in the week before. Total products supplied—a proxy for US oil demand—averaged 20.5 million barrels per day over the last four weeks, down 2.9% compared to the same period last year.

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