US Crude Oil Inventories Surge by 4.3% Amid Rising Production

US commercial crude oil inventories rose by 4.3% in the week ending Aug. 7, according to data released by the Energy Information Administration (EIA). The increase brought total inventories to around 424.4 million barrels.

The rise exceeded market expectations, which had forecast a decrease of approximately 1.7 million barrels. Strategic petroleum reserves, however, decreased by about 6.1 million barrels to 298.7 million barrels over the same period.

Gasoline inventories also fell during this time, decreasing by around 1 million barrels to 208.7 million barrels. Meanwhile, US crude oil production increased by 1,000 barrels per day (bpd) to about 13.8 million bpd, as reported in the EIA's data.