Unexpected Build in US Crude Oil Inventories Weighs on Oil Prices
On August 1, the EIA (U.S. Energy Information Administration) released its oil inventory report. The EIA reported that US crude oil inventories increased by 3.8 MMbbls (million barrels) to 408.7 MMbbls on July 20–27. However, the inventories decreased 15.2% YoY (year-over-year). A Reuters survey estimated that US crude oil inventories could have fallen by 2.8 MMbbls on July 20–27.