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Update: Weekly US Crude Inventories Rise by 2 Million Barrels, EIA Says

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(Updates to include additional details.)

US commercial crude oil inventories increased by 2 million barrels to 411.7 mmbbls in the week ended July 17, the Energy Information Administration said in its weekly report on Wednesday.

Crude inventories were about 6% below the five-year average for this time of year, the EIA said.

The increase was above Macquarie's estimate of a 900,000-bbl build for the week ended July 17.

US Strategic Petroleum Reserve inventories dropped to 311.4 mmbbls in the week ended July 17, down from 316.5 mmbbls a week earlier, marking a weekly decline of 5.1 mmbbls, EIA data showed.

Crude oil input to refineries decreased by 58,000 barrels per day from the previous week to average about 17.1 million b/d in the week ended July 17. Crude oil production dropped by 63,000 b/d to 13.8 million b/d.

Commercial crude imports increased by 117,000 b/d to average about 5.8 million b/d.

Total motor gasoline stockpiles increased by 800,000 bbls from the previous week to 211.3 mmbbls, while distillate stocks increased by 1.4 mmbbls to 109.6 mmbbls, the agency said.

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