The build contrasted with expectations for a 1.506 million-barrel draw, while Cushing stockpiles rose 2.356 million barrels and the Strategic Petroleum Reserve fell 2.841 million barrels.
U.S. crude oil inventories increased by 2.479 million barrels in the week ended July 31, reversing market expectations for a 1.506 million-barrel decline and marking a sharp swing from the previous week's 7.167 million-barrel draw. Data from the EIA (U.S. Energy Information Administration) also showed crude stockpiles at Cushing, Oklahoma (key U.S. oil storage hub) rose by 2.356 million barrels after a prior 771,000-barrel decline. The Strategic Petroleum Reserve (U.S. emergency oil stockpile) fell by 2.841 million barrels, following a 3.797 million-barrel drop in the previous week.