Crude oil inventories in the U.S. unexpectedly moved up during the week ended February 08, 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 0.60 million barrels to 372.20 million barrels last week, and are well above the upper limit of the average range for this time of year.
The week before, crude oil inventories increased 2.60 million barrels to 371.70 million barrels.
Meanwhile, total motor gasoline inventories moved down by 0.80 million barrels last week, after gaining by 1.70 million barrels in the prior week, but are in the upper limit of the average range.
Analysts were expecting crude oil inventories to rise 2.20 million barrels and gasoline stocks to add 500,000 barrels last week.
Late Tuesday, data from the API revealed that U.S. crude oil inventories shed 2.30 million barrels, while gasoline stocks down 810,000 barrels in the week ended February 08.
Oil refinery inputs averaged over 14.30 million barrels per day during the week, which were 121,000 barrels per day below the previous week's average as refineries operated at 83.80 percent of their operable capacity.
Meantime, U.S. crude oil imports during the week averaged over 7.50 million barrels per day last week, down by 56,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged over 7.70 million barrels per day, which were 1.0 million barrels per day below the same four-week period last year.
Light Sweet Crude Oil (WTI) futures for March delivery are adding $0.25 to $97.76 a barrel.
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