Crude oil and gasoline inventories in the U.S. moved up during the week ended June 07, 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 2.50 million barrels to 393.80 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 6.30 million barrels to 391.30 million barrels.
Moreover, total motor gasoline inventories moved up by 2.70 million barrels last week, after dipping 0.40 million barrels in the prior week, and are above the upper limit of the average range.
Late Tuesday, data from the API revealed that U.S. crude oil inventories jumped 9.00 million barrels in the weekended June 07.
Oil refinery inputs averaged over 15.2 million barrels per day during the week, which were 225,000 barrels per day below the previous week's average as refineries operated at 87.50 percent of their operable capacity.
Meantime, U.S. crude oil imports during the week averaged under 7.90 million barrels per day last week, up by 582,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged about 7.80 million barrels per day, which were about 1.20 million barrels per day below the same four-week period last year.
Earlier today the IEA maintained oil demand projection at 90.6 million barrels per day (mbd) for 2013, despite projecting higher through-puts in the third quarter 2013.
Light Sweet Crude Oil (WTI) futures for July delivery are adding $0.66 to $96.04 a barrel.
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