Oil futures remain under pressure after unexpected rise in U.S. crude inventories

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Oil futures traded remained lower Wednesday after the Energy Information Administration said U.S. crude inventories rose by 3.6 million barrels in the week ended July 30. Gasoline inventories, however, fell by 5.3 million barrels, the agency said, while distillate stocks were up 800,000 barrels. Analysts surveyed by S&P Global Platts, on average, had forecast the EIA data to show crude inventories down by 4 million barrels last week. Gasoline stocks were expected to show a drop of 1.1 million barrels, while distillate supplies were seen down 600,000 barrels. The American Petroleum Institute late Tuesday was said to show crude inventories down 879,000 barrels. West Texas Intermediate crude for September delivery CL00, -3.19% CLU21, -3.19% fell $1.35, or 1.9%, to $69.21 a barrel on the New York Mercantile Exchange.

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