U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.8 million barrels from the previous week. At 431.8 million barrels, U.S. crude oil inventories are about 3% above the five year average for this time of year.

Total motor gasoline inventories increased by 1.9 million barrels last week and are about 8% above the five year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased last week.

Distillate fuel inventories decreased by 3.5 million barrels last week and are about 6% below the five year average for this time of year. Propane/propylene inventories increased by 1.5 million barrels last week and are at the five year average for this time of year. Total commercial petroleum inventories increased last week by 4.8 million barrels last week.

• Brent, the global oil benchmark, was trading up 1.5% at $73.21 a barrel midmorning on London's Intercontinental Exchange.

• West Texas Intermediate futures, the U.S. oil standard, were trading up 1% at $62.83 a barrel on the New York Mercantile Exchange.