Oil prices hit two-month low following US inventory data on Wednesday. Weekly EIA data showed the first increase in crude-oil supplies in nine weeks. U.S. oil supplies rose last week even as refinery utilization increased from 94% to 95% of capacity. To the surprise of many analysts and investors, U.S. crude-oil stockpiles rose last week for the first time in nine weeks, according to a Wednesday report from the Energy Information Administration. That unexpected increase comes on the heels of data released Tuesday showing that the nation’s oil producers ramped up output in April to the fastest pace since 1971. Negotiations on Iran’s nuclear deal, which could potentially lead to more Iranian crude being sold on the already oversupplied global market, have added to the uncertainty.

Highlights of EIA’s weekly inventory report for the Week Ending June 26, 2015

U.S. commercial crude oil inventories excluding those in the Strategic Petroleum Reserve increased by 2.4 million barrels from the previous week. At 465.4 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years.

U.S. crude oil refinery inputs averaged over 16.5 million barrels per day during the week ending June 26, 2015, 1,000 barrels per day less than the previous week’s average. Refineries operated at 95.0% of their operable capacity last week.

U.S. crude oil imports averaged over 7.5 million barrels per day last week, up by 748,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 7.0 million barrels per day, 3.5% below the same four-week period last year.

Propane/propylene inventories rose 1.6 million barrels last week and are well above the upper limit of the average range.

Gasoline production increased last week, averaging over 10.0 million barrels per day. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 760,000 barrels per day. Total motor gasoline decreased by 1.8 million barrels last week, and are in the upper half of the average range. Both finished gasoline inventories and blending components inventories decreased last week.

Distillate fuel production increased last week, averaging over 5.0 million barrels per day. Distillate fuel product supplied averaged over 3.9 million barrels per day over the last four weeks, up by 4.1% from the same period last year.