U.S. crude oil inventories increased by 2.0 million barrels during the week ending July 17, according to data released Wednesday by the Energy Information Administration. The build brought total commercial stockpiles to 411.7 million barrels, placing current supplies approximately 6% below the five-year average for the period, according to government figures.
The EIA's latest inventory report follows preliminary figures released a day earlier by the American Petroleum Institute, which had reported a more substantial crude build of 2.603 million barrels for the same week. The discrepancy between the two measurements reflects typical variations in survey methodologies used by the two organizations.
The moderate build in crude inventories suggests steady production and import activity, though stock levels remain below historical norms for mid-July, indicating balanced market conditions heading into the latter half of summer.