U.S. crude oil inventories decrease last week: EIA

U.S. crude oil inventories decreased during the week ending July 31, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.

According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 7.4 million barrels from the previous week.

At 518.6 million barrels, U.S. crude oil inventories were about 16 percent above the five-year average for this time of year.

According to the EIA, total motor gasoline inventories increased by 419,000 barrels last week and were about 8 percent above the five-year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased last week.

Distillate fuel inventories increased by 1.6 million barrels last week and were about 27 percent above the five-year average for this time of year.

Propane/propylene inventories increased by 2.3 million barrels last week and were about 13 percent above the five-year average for this time of year. Total commercial petroleum inventories decreased by 2.1 million barrels last week.