US crude stocks rose to 439.9 million barrels in the week ending October 21, while net US crude imports fell last week to 1.1 million barrels per day, the lowest level ever, while US crude exports increased to 5.1 million barrels per day, the highest level on record. launch.
Oil prices rose on Wednesday, benefiting from supply concerns and a weak dollar, although US crude inventories data limited gains.
Brent crude futures for December rose 54 cents, or 0.58 percent, to $ 94.06 a barrel by 1312 GMT, and West Texas Intermediate crude futures for December rose 80 cents, or 0.94 percent, to $ 86.12 a barrel.
The dollar’s decline sent a signal of optimism, as it made oil less expensive for holders of other currencies.
Ongoing supply concerns fueled oil gains, with the head of the International Energy Agency referring to the “first true global energy crisis”.
But oil gains were limited today due to a rise in US crude inventories by about 4.5 million barrels in the week ending October 21, according to market sources, citing data from the American Petroleum Institute. This was higher than the expectations of five analysts in a Reuters poll.
The increase in crude inventories reinforced fears of a global recession that would reduce demand, which was also weakened by the decline in China’s imports of crude.
US President Joe Biden announced last week a plan to sell the remaining record withdrawals from the Strategic Petroleum Reserve by the end of the year in an effort to reduce high gasoline prices.
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