Crude oil inventories in the U.S. moved up during the week ended March 23, 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 7.10 million barrels to 353.40 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 decreased by 1.20 million barrels to 346.30 million barrels.
Meanwhile, total motor gasoline inventories moved down by 3.50 million barrels last week, after decreasing 1.20 million barrels in the prior week, but are in the upper limit of the average range.
Analysts were expecting crude oil inventories to gain 2.55 million barrels and gasoline stocks to ease by 1.55 million barrels last week.
Late Tuesday, data from the API revealed that U.S. crude oil inventories jumped 3.60 million barrels and gasoline stocks added 1.30 million barrels in the week ended March 23.
Oil refinery inputs averaged just under 14.50 million barrels per day during the week, which were 88,000 barrels per day above the previous week's average as refineries operated at 84.50 percent of their operable capacity.
Meantime, U.S. crude oil imports during the week averaged about 9.30 million barrels per day last week, up by 1.0 million barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged 8.70 million barrels per day, which were 44,000 barrels per day below the same four-week period last year.
Light Sweet Crude Oil (WTI) futures for May delivery are losing $2.16 to $105.17 a barrel.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.