Commodities
US Crude Oil Inventories Edge Up Amid Lower Than Expected Increase
US commercial crude oil inventories rose by around 100,000 barrels to 428.9 million barrels in the week ending August 21, according to data released by the Energy Information Administration (EIA) on Wednesday.
This increase was lower than market expectations of a rise of about 1.6 million barrels.
US crude oil production, meanwhile, increased by 13,000 barrels per day (bpd) to approximately 13.84 million bpd during the same period.
The EIA also reported that US crude oil imports decreased by 435,000 bpd to around 6.2 million bpd, while exports fell by 274,000 bpd to about 3.8 million bpd.