Crude oil inventories in the U.S. moved up during the week ended February 22, 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 1.10 million barrels to 377.50 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 4.10 million barrels to 376.40 million barrels.
Meanwhile, total motor gasoline inventories moved down by 1.90 million barrels last week, after shedding by 2.90 million barrels in the prior week, but remained in the upper limit of the average range.
Analysts were expecting crude oil inventories to rise 2.50 million barrels and gasoline stocks to shed 1.00 million barrels last week.
Late Tuesday, data from the API revealed that U.S. crude oil inventories rose 0.94 million barrels, while gasoline stocks down 1.40 million barrels in the week ended February 22.
Oil refinery inputs averaged over 14.50 million barrels per day during the week, which were 335,000 barrels per day above the previous week's average as refineries operated at 85.10 percent of their operable capacity.
Meantime, U.S. crude oil imports during the week averaged 8.00 million barrels per day last week, up by 269,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged 7.70 million barrels per day, which were 1.2 million barrels per day below the same four-week period last year.
Light Sweet Crude Oil (WTI) futures for April delivery are adding $0.17 to $92.80 a barrel.
by RTT Staff Writer
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