The government agency added that crude stocks rose 4.5 million barrels in the week ending July 29 to 426.6 million barrels, compared to expectations of analysts polled by Reuters, who were referring to a decline of 600,000 barrels.
The Energy Information Administration said that oil stocks at the delivery center in Cushing, Oklahoma, increased by 926,000 barrels last week.
Gasoline stocks rose about 200,000 barrels over the past week to 225.3 million barrels, while it was expected to fall by 1.6 million barrels, according to Reuters.
Distillate stocks, which include diesel and heating oil, fell 2.4 million barrels to 109.3 million barrels, versus expectations for an increase of 1 million barrels.
Net US imports of crude oil jumped last week by 2.21 million barrels per day to 3.83 million barrels per day.
The Energy Information Administration reported that crude oil stocks in the United States’ Strategic Petroleum Reserve fell 4.7 million barrels last week to 469.9 million barrels, the lowest level since May 1985.
Data from the government also showed that US imports of crude rose about 1.2 million barrels per day during the week ending July 29 to 7.3 million barrels, the highest level since July 2020.
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