The inventory report released by the US Energy Information Administration (EIA) on Wednesday showed that as of the week ending July 4th, US commercial crude oil inventories increased by 7.1 million barrels to 426 million barrels, following market expectations of a decrease of 2.1 million barrels.

The Strategic Petroleum Reserve (SPR) of the United States increased by 200,000 barrels to 403 million barrels.

US gasoline inventories decreased by 2.7 million barrels to 229.5 million barrels, following market expectations of a decrease of 1.5 million barrels.

The inventory of distillate oil in the United States, including diesel and heating oil, decreased by 800,000 barrels to 102.8 million barrels, following market expectations of a decrease of 300,000 barrels.

Domestic crude oil production in the United States decreased by 48,000 barrels per day to 13.385 million barrels per day, with a four week average of 13.421 million barrels per day.

The net import volume of crude oil in the United States decreased by 1.358 million barrels per day to 3.256 million barrels per day, with a four week average of 2.672 million barrels per day.

The import volume of crude oil in the United States decreased by 906,000 barrels per day to 6.013 million barrels per day, with a four week average of 6.095 million barrels per day.

The export volume of crude oil from the United States increased by 452,000 barrels per day to 2.757 million barrels per day, with a four week average of 3.423 million barrels per day.

As of the week ending July 4th, the crude oil inventory at the Cushing warehouse in Oklahoma increased by 464,000 barrels.

Refinery crude oil processing volume decreased by 99,000 barrels. The utilization rate of refinery capacity decreased by 0.2 percentage points to 94.7%.

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