And the U.S. Energy Information Administration said on Wednesday crude oil inventories rose three million barrels in the week ending May 5 to 462.6 million barrels, above analysts’ expectations polled by Reuters. for a drop of 900 thousand barrels.
The administration said oil inventories at the Cushing, Oklahoma, delivery center rose by 397,000 barrels last week.
He said crude consumption by U.S. refineries increased by ten thousand barrels a day last week.
Refinery operating rates rose 0.3 percentage points during the week.
By contrast, the administration said U.S. gasoline inventories fell 3.2 million barrels to 219.7 million, compared with analysts’ expectations in a Reuters poll, for a drop of 1. 2 million barrels.
Data from the Energy Information Administration showed inventories of distillates, which include diesel and fuel oil, fell 4.2 million barrels last week to 106.2 million, compared to expectations for a decline. of 800,000 barrels.
The administration said net U.S. crude oil imports rose last week by 1.02 million barrels per day.
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