The U.S. Energy Information Administration (EIA) reported Wednesday that
crude inventories surged by 4.467 million barrels in the week ended July 29,
following a plunge of 4.523 million barrels in the previous week. Economists
had predicted a decrease of 0.629 million barrels.
At the same time, gasoline stocks increased by 0.163 million barrels,
while analysts had projected a drop of 1.614 million barrels. The prior week recorded
a decline of 3.304 million barrels.
Elsewhere, distillate stocks fell by 2.400 million barrels, while
analysts had expected an advance of 1.038 million barrels. The prior week registered
a decrease of 0.784 million barrels.
Meanwhile, oil production in the U.S. was unchanged at 12.100 million
barrels per day.
U.S. crude oil imports averaged 7.3 million barrels per day last week, posting
a rise of 1.2 million barrels per day from the prior week.