Crude oil inventories unexpectedly increased in the week ended August 29th, according to a report released by the Energy Information Administration on Thursday.
The report said crude oil inventories rose by 2.4 million barrels last week, reversing the 2.4 million barrel decrease seen in the previous week. Economists had expected crude oil inventories to fall by 1.8 million barrels.
At 420.7 million barrels, U.S. crude oil inventories remain about 4 below below the five-year average for this time of year, the EIA said.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.