US oil inventories rise 7.1M barrels last week

Oil tanks

Crude oil inventories in the US increased more than expected in the week ended July 4, marking the second consecutive weekly rise, according to a report released by the Energy Information Administration (EIA).

Crude oil inventories increased by about 7.1 million barrels last week, compared to expectations for a fall of about 1.5 million barrels.

Meanwhile, gasoline inventories declined by 2.7 million barrels, and distillate stocks—including diesel and heating oil—fell by 800,000 barrels.