US Crude Oil Inventories Rise Last Week
New York, July 30 (QNA) – The US Energy Information Administration (EIA) announced Wednesday that US crude oil inventories rose last week, contrary to expectations.
The EIA, the statistical arm of the US Department of Energy, said in a statement that crude oil inventories rose by 7.7 million barrels last week, compared to analysts’ expectations for a decrease of 2.5 million barrels, following a decline of 3.2 million barrels the previous week.
With an unexpected increase, inventories reached 426.7 million barrels, about 6 percent below the five-year average for this time of year.
The EIA noted that refined petroleum products inventories, which include heating oil and diesel, also rose by 3.6 million barrels, making them about 16 percent below the five-year average for this time of year.
It added that gasoline inventories fell by 2.7 million barrels last week, about 1 percent below the five-year average. (QNA)