The US Energy Information Administration announced on Wednesday that crude oil inventories in the United States witnessed a significant increase last week, while gasoline and distillate inventories declined.
Crude inventories rose by 3.7 million barrels to reach 420.3 million barrels for the week ending November 3, exceeding analysts’ expectations that indicated an increase of only 1.9 million barrels. In contrast, the delivery center in Cushing, Oklahoma, recorded a decrease of 763 thousand barrels.
The data also indicated an increase in crude consumption in refineries by 129 thousand barrels per day, and an increase in refinery operating rates to 92.4%, which reflects strong activity in the refining sector despite fluctuations in stocks. (Russia Today)
