U.S. crude inventories climbed last week by 9.9 million barrels as imports grew to their highest since January and refining rates dropped.
Source: www.cnbc.com
U.S. crude oil futures closed 31 cents lower at $63.60 per barrel on Wednesday as per the weekly report by the Energy Information Administration. This reported also showed a sharp buildup of 9.9 million barrels in U.S. crude inventories for the last week of April. The declines were partially offset by intensifying crisis in Venezuela and Washington’s stopping Iranian oil sanction waivers as of May 1. The buildup in oil inventories came in much higher than analysts’ expectations of 1.5 million barrels and was primarily driven by a rise in imports.
