U.S. commercial crude oil stockpiles increased by 2.5 million barrels during the week ended July 31, reaching 407 million barrels, according to the U.S. Energy Information Administration. This unexpected build contrasted with analyst expectations of a 1.2 million barrel decline. The rise occurred as crude imports climbed by 515,000 barrels per day to 6.2 million barrels daily, while refineries operated at lower capacity.

Stocks remained approximately 6% below the five-year seasonal average. The Energy Department also released 2.8 million barrels from the Strategic Petroleum Reserve, reducing the SPR to 304.8 million barrels. Oil inventories at Cushing, Oklahoma—the Nymex delivery hub—rose by 2.4 million barrels to 21 million barrels. U.S. crude production held steady at 13.8 million barrels per day.

Meanwhile, crude exports increased by 218,000 barrels per day to reach 3.7 million barrels daily.