US crude oil inventories increased by 2.479 million barrels to 407 million barrels in the week ended July 31, defying market expectations of a 1.5 million-barrel draw. Stockpiles at the Cushing, Oklahoma, delivery hub rose by 2.356 million barrels over the same period.
Refinery crude runs declined by 183 thousand barrels per day.
Gasoline inventories fell by 1.643 million barrels to 209.7 million barrels, a larger draw than the anticipated 1.3 million-barrel decrease. Distillate stocks — which include diesel and heating oil — dropped by 3.473 million barrels to 107.2 million barrels, in contrast to expectations for a 0.2 million-barrel build.
Net US crude imports rose by 297 thousand barrels per day.
