USA EIA crude oil stocks rise 3.6 million barrels, WTI trading below $ 69

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Commercial Crude Oil Inventories in the US rose by 3.6 million barrels in the week ending July 30, revealed on Wednesday the weekly report published by the US Energy Information Administration (EIA). The analysts’ estimate was for a decrease of 3.1 million barrels.

Market reaction

Crude oil prices remain under strong selling pressure after this report. At time of writing, a barrel of West Texas Intermediate was down 2% on the day at $ 68.80.

Additional declarations

“Total motor gasoline inventories decreased by 5.3 million barrels last week.”

“Inputs to US crude oil refineries averaged 15.9 million barrels per day for the week ending July 30, 2021, which was 46,000 barrels per day more than the previous week’s average.”

“US crude oil imports averaged 6.4 million barrels per day last week, 75,000 barrels per day less than the previous week.”

“Total products supplied during the last four-week period averaged 20.5 million barrels per day, 12.4% more than in the same period last year.”

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