The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories climbed by 5.9 million barrels for the week ended July 7. On average, analysts polled by S&P Global Commodity Insights expected the report to show a decline of 1 million barrels. The EIA report also revealed that weekly inventories of gasoline were generally unchanged last week, while distillate supplies increased by 4.8 million barrels. Analysts had forecast a weekly fall of 1.1 million barrels for gasoline and an increase of 150,000 barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub fell by 1.6 million barrels for the week, the EIA said. Oil futures continued to trade higher, with August West Texas Intermediate crude CLQ23 up 90 cents, or 1.2%, at $75.73 a barrel on the New York Mercantile Exchange. Prices traded at $75.66 before the supply data.
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