Crude oil inventories in the U.S. moved up during the week ended May 18, 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 0.90 million barrels to 382.50 million barrels last week, and are above the upper limit of the average range for this time of year.
The week before, crude oil inventories increased by 2.10 million barrels to 381.60 million barrels.
Meanwhile, total motor gasoline inventories moved down by 3.30 million barrels last week, after decreasing 2.80 million barrels in the prior week, and are in the lower limit of the average range.
Analysts were expecting crude oil inventories to gain 500,000 barrels, while gasoline stocks are seen dipping 700,000 barrels last week.
Late Tuesday, data from the API revealed that U.S. crude oil inventories moved up by 1.50 million barrels and gasoline stocks dipped by 4.50 million barrels in the week ended May 18.
Oil refinery inputs averaged just under 15.00 million barrels per day during the week, which were 57,000 barrels per day below the previous week's average as refineries operated at 88.10 percent of their operable capacity.
Meantime, U.S. crude oil imports during the week averaged nearly 8.60 million barrels per day last week, down by 298,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged about 8.80 million barrels per day, which were 98,000 barrels per day below the same four-week period last year.
Light Sweet Crude Oil (WTI) futures for July delivery are losing $1.10 to $90.75 a barrel.
by RTT Staff Writer
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