Data from the administration, a government agency, showed that crude stocks rose 9.9 million barrels over the past week to 439.1 million barrels, compared to expectations of analysts polled by Reuters for an increase of 1.8 million barrels.
The administration added that oil stocks at the delivery center in Cushing, Oklahoma, fell by 309,000 barrels last week.
It stated that US refineries’ consumption of crude fell by 278,000 barrels per day last week. Refinery operating rates fell 1.4 percentage points over the week
In contrast, gasoline stocks increased by two million barrels to 209.5 million barrels, compared to analysts’ expectations in a Reuters poll for a decrease of 1.8 million barrels.
The Energy Information Administration said distillate stocks, which include diesel and heating oil, fell 4.9 million barrels over the past week to 106.1 million barrels, while they were expected to fall by 2 million barrels.
She added that the net US imports of crude oil rose last week by 1.8 million barrels per day.
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