The unexpected build far exceeded forecasts, pushing commercial inventories to 424.4M barrels amid weak demand signals.
US commercial crude oil inventories jumped by 17.4M barrels for the week ended August 7, the Energy Information Administration reported. The increase sharply contrasted with the prior week’s 2.5M barrel rise and analysts’ expectations of a 1.7M barrel drawdown.
Stockpiles now stand at 424.4M barrels, excluding the Strategic Petroleum Reserve. Gasoline inventories fell by 1M barrels, slightly below the previous week’s 1.6M barrel decline, signaling mixed demand trends.
The larger-than-expected build reflects weaker refinery runs and subdued crude consumption, adding downward pressure on oil prices.