US Crude Oil Inventories Surge by 4.4 Million Barrels

US crude oil inventories surged by 4.4 million barrels last week, according to data from the US Energy Information Administration (EIA). This increase brings total commercial stockpiles to 428.8 million barrels, which is now in line with the five-year average for this time of year.

The EIA's figures contradict those released a day earlier by API, which reported a decline in crude oil inventories of 328,000 barrels during the same period.

Crude futures were trading at $91.41 per barrel, with Brent up $0.39 (+0.43%) and WTI up $0.47 per barrel (+0.55%), both gains since last week's prices.