U.S. Crude Oil Inventories Rise Slightly in August

The Energy Information Administration reported Wednesday that U.S. crude oil inventories increased by 0.1 million barrels for the week ending August 21. This growth was significantly lower than the 1.9 million barrel increase predicted by economists and followed a 4.4 million barrel jump the previous week.

Total crude inventories now stand at 428.9 million barrels, placing them 1 percent above the five-year average for this period. The report also detailed shifts in refined products, noting that gasoline inventories fell by 2.5 million barrels, leaving them 6 percent below the five-year average.

Distillate fuel inventories, which include diesel and heating oil, rose by 2.2 million barrels. Despite this increase, distillate levels remain 14 percent below the five-year average.