U.S. crude inventories rose last week, boosted by another jump in production to a new record, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday.
Source: www.reuters.com
U.S. crude oil inventories continue to rise higher, driving down the WTI prices to their lowest levels since March. As per the weekly report by EIA, for the week to Nov 2, crude oil inventories in the U.S. rose by 5.8 million barrels. This result was more than double analysts’ estimates of 2.4 million barrels, while overall production rose to a new weekly record of 11.6 million barrels a day.  Following the EIA report, WTI crude futures declined ~0.85% Wednesday to close at an 8-month low of US$61.7/bbl.
