EIA: US crude oil inventories increased by 1.6 million barrels, WTI edges lower to $55

The weekly report published by the US Energy Information Administration showed that commercial crude oil inventories in the US increased by 1.6 million barrels in the week ending August 9 compared to market expectation for a decline of 2.8 million barrels.

With the initial market reaction, crude oil prices came under a renewed selling pressure and the barrel of West Texas Intermediate was down nearly 3% on the day at $55.

Key takeaways from the press release

"Crude oil imports averaged 7.7 million barrels per day last week."

"Refineries operated at 94.8% of their operable capacity last week."

"Gasoline production increased last week, averaging 10.2 million barrels per day."

"Distillate fuel production decreased last week, averaging 5.1 million barrels per day."

"Total products supplied over the last four-week period averaged 21.6 million barrels per day, up by 3.7% from the same period last year."