Investing.com -- US commercial crude oil inventories increased by 17.4 million barrels in the week ended August 7, marking the largest weekly gain since January 2023, according to data released by the Energy Information Administration on Wednesday.

The inventory build coincided with a sharp rise in crude imports. Commercial crude imports reached 7.3 million barrels per day last week, the highest level since November 2024, the EIA data showed.

Net imports of crude rose to the highest level since June 2025 during the week, according to the agency.

Gulf Coast crude stockpiles posted the largest weekly increase since January 2023, the EIA reported.

Imports from Canada climbed to the highest level since March 2025, while shipments from Venezuela reached the highest level since September 2024, based on available EIA data.