The latest government report on the nation’s crude oil supplies showed a gain of nearly 8 million barrels over the past week, includling a 500,000 barrel increase at Oklahoma’s Cushing Hub.
The U.S. Energy Information Administration reported the nation’s total in crude supplies was 426.7 million barrels as of the week of July 25. It was a jump of 7.7 million barrels from the 419 million barrels recorded the week of July 18. It is also 5.8 million barrels more than June 13 of this year.
Cushing’s total was 22.6 million barrels as of July 25, half-a-million barrels more than the week of July 18. But it was 100,000 barrels less than the week of June 13.