US Crude Oil Stocks Increased by 1.4 Million Barrels in 1 Week
In a statement released by the U.S. Energy Information Administration (EIA), US commercial crude oil stocks rose by 1.4 million barrels (0.3 percent) last week to 540.7 million barrels. The market expectations were for the inventories to increase by 300 thousand barrels. US crude oil inventories increased by 1.2 million barrels last week.
It is stated that the strategic crude oil stocks that are not included in the commercial crude oil stocks increased by 2 million barrels (0.3 percent) and reached 653.7 million barrels.
In the given period, US gas stocks fell by 1.7 million barrels (0.7 percent) and fell to 255.3 million barrels. The market expectation was that gasoline stocks would decrease by 1.3 million barrels. Gasoline inventories decreased by 1.7 million barrels last week.