US Oil Inventories Bounce Back Amid Global Market Volatility

The US Energy Information Administration (EIA) reported an increase of 2.5 million barrels in crude oil inventories for the week ending July 31, bringing total commercial stockpiles to 407 million barrels. This is now 6% below the five-year average for this time of year.

Crude futures saw a slight bump in early morning trade on Wednesday after plummeting on Tuesday due to renewed talks of a potential peace deal. At 9:51 a.m. in New York, Brent futures were trading at $79.62 per barrel, up $0.26 (+0.33%) on the day but down roughly $10 per barrel from this same time last week.

Total motor gasoline inventories fell by 1.6 million barrels, while middle distillates saw a decrease of 3.5 million barrels. Distillate inventories are now 12% below the five-year average.