Crude oil and gasoline inventories in the U.S. moved up during the week ended June 15, 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 2.90 million barrels to 387.30 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 decreased by 200,000 barrels to 384.40 million barrels.
Moreover, total motor gasoline inventories moved up by 900,000 barrels last week, after decreasing by 1.70 million barrels in the prior week, but are in the lower limit of the average range.
Analysts were expecting crude oil inventories to decline by 600,000 barrels last week
Late Tuesday, data from the API revealed that U.S. crude oil inventories moved down by 550,000 barrels and gasoline stocks rose by 1.1 million barrels in the week ended June 15.
Oil refinery inputs averaged just under 15.60 million barrels per day during the week, which were 12,000 barrels per day below the previous week's average as refineries operated at 91.90 percent of their operable capacity.
Meantime, U.S. crude oil imports during the week averaged 9.40 million barrels per day last week, up by 328,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged 9.10 million barrels per day, which were 168,000 barrels per day above the same four-week period last year.
Light Sweet Crude Oil (WTI) futures for August delivery are losing $1.11 to $83.24 a barrel.
by RTT Staff Writer
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