U.S. Crude Oil Stocks Rise 2.5 Million Barrels Week on Week
According to the latest weekly petroleum status report from the U.S. Energy Information Administration (EIA), commercial crude oil inventories in the United States excluding those in the Strategic Petroleum Reserve (SPR) increased by 2.5 million barrels for the week ending July 24 compared to the previous week.
The total amount of crude oil stored, not including SPR, stood at 407.0 million barrels on July 31 and was down 3.9 percent from the same period last year.
Crude oil in the SPR decreased by 2.7 million barrels for the week ending July 24 compared to the previous week, with a total of 304.8 million barrels stored on July 31.
The report also highlighted that U.S. crude oil refinery inputs averaged 17.2 million barrels per day during the week ending July 31, which was 183,000 barrels per day less than the previous week's average.