Commodities
US Crude Oil Inventories Surge Past Expectations in Week Ending July 31
US crude oil inventories rose by 0.6% in the week ending July 31, according to data released by the Energy Information Administration (EIA). The increase brought total commercial stocks to around 407 million barrels, exceeding market expectations of a decrease by approximately 1.5 million barrels.
The EIA's data also showed that US crude oil production increased by 8,000 barrels per day (bpd) to about 13.8 million bpd during the same period.