Crude oil inventories in the U.S. edged down during the week ended June 22, official data showed Wednesday.
The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories decreased by 100,000 barrels to 387.20 million barrels last week, but are above the upper limit of the average range for this time of year.
The week before, crude oil inventories increased by 2.90 million barrels to 387.30 million barrels.
Meanwhile, total motor gasoline inventories moved up by 2.10 million barrels last week, after increasing by 900,000 barrels in the prior week, but are in the lower limit of the average range.
Analysts were expecting crude oil inventories to decline by 1 million barrels and gasoline stocks to add 300,000 barrels last week
Late Tuesday, data from the API revealed that U.S. crude oil inventories moved up by 500,000 barrels and gasoline stocks rose by 400,000 barrels in the week ended June 22.
Oil refinery inputs averaged just under 15.60 million barrels per day during the week, which were 37,000 barrels per day above the previous week's average as refineries operated at 92.60 percent of their operable capacity.
Meantime, U.S. crude oil imports during the week averaged 9.10 million barrels per day last week, down by 327,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged 9.20 million barrels per day, which were 343,000 barrels per day above the same four-week period last year.
Light Sweet Crude Oil (WTI) futures for August delivery are adding $1.35 to $80.71 a barrel.
by RTT Staff Writer
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