Crude oil inventories rose five million barrels in the week ending May 12 to 467.6 million barrels, as analysts had expected a drop of 900,000 barrels in a Reuters poll.
The administration said oil inventories at the Cushing, Oklahoma, delivery center rose by 1.5 million barrels last week.
He said crude consumption by U.S. refineries increased by 245,000 barrels a day last week. Refinery operating rates increased by 1 percentage point per week.
Separately, management said gasoline inventories fell 1.4 million barrels to 218.3 million, compared with analysts’ expectations in a Reuters poll for a drop of 1.1 million barrels. .
Data from the Energy Information Administration showed distillate inventories, which include diesel and fuel oil, rose 0.1 million barrels last week to 106.2 million barrels, in line with expectations.
The administration said net U.S. crude oil imports fell 127,000 barrels a day last week.
Read the Latest World News Today on The Eastern Herald.
