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Update: Weekly US Crude Inventories Rise by 4.4 Million Barrels, EIA Says

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(Updates to include additional details.)

US commercial crude oil inventories increased by 4.4 million barrels to 428.8 mmbbls in the week ended Aug. 14, the Energy Information Administration said in its weekly report released Wednesday.

Crude inventories are matching the five-year average for this time of year, the EIA said.

The build is above Macquarie's estimate of a 3.9-mmbbl build for the week ended Aug. 14.

US Strategic Petroleum Reserve inventories dropped to 293.4 mmbbls in the week ended Aug. 14, down from 298.7 mmbbls a week earlier, marking a weekly decline of 5.3 mmbbls, EIA data showed.

Crude oil input to refineries increased by 215,000 barrels per day from the previous week to average about 17.4 million b/d in the week ended Aug. 14. Crude oil production rose by 25,000 b/d to 13.8 mmb/d.

Commercial crude imports decreased by 746,000 b/d to average about 6.6 mmb/d. Total motor gasoline stockpiles increased by 700,000 bbls from the previous week to 209.4 mmbbls, while distillate stocks dropped by 1.5 mmbbls to 105.6 mmbbls.

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