Crude oil and gasoline inventories in the U.S. moved up during the week ended February 03, official data showed Wednesday.
The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories increased by 300,000 barrels to 339.20 million barrels last week, and are in the upper limit of the average range for this time of year.
The week before, crude oil inventories increased by 4.20 million barrels to 334.90 million barrels.
Moreover, total motor gasoline inventories moved up by 1.60 million barrels last week, after increasing 3.00 million barrels in the prior week, and are in the upper limit of the average range.
Analysts were expecting crude oil inventories to gain 2.40 million barrels and gasoline stocks to rise by 700,000 barrels last week.
Late Tuesday, data from the API revealed that U.S. crude oil inventories decreased 4.50 million barrels and gasoline stocks rose 4.40 million barrels in the week ended February 03.
Oil refinery inputs averaged 14.40 million barrels per day during the week, which were 180,000 barrels per day above the previous week's average as refineries operated at 82.80 percent of their operable capacity.
Meantime, U.S. crude oil imports during the week averaged 8.40 million barrels per day last week, down by 467,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged 8.60 million barrels per day, which were 474,000 barrels per day below the same four-week period last year.
Light Sweet Crude Oil (WTI) futures for March delivery are rebounding from their 2-month low, adding $1.18 to $99.59 a barrel.
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