U.S. Crude Oil Inventories Rise by 2.5 Million Barrels

The Energy Information Administration reported that U.S. commercial crude oil inventories rose by 2.5 million barrels for the week ending July 31. This increase contradicted analyst expectations, which had predicted a decline of 1.2 million barrels.

Data shows the inventory growth resulted from a rise in imports of 515,000 barrels per day and a decrease in refinery utilization, which dropped to 96.5 percent of capacity. Despite the rise in crude stocks, other fuel categories saw declines, with gasoline inventories dropping by 1.6 million barrels and distillate fuel stocks falling by 3.5 million barrels.

In a separate action, the United States Department of Energy released 2.8 million barrels from the Strategic Petroleum Reserve, leaving a total balance of 304.8 million barrels.