U.S. crude oil inventories rose last week to the highest since November 2017 as refiners cut runs to the lowest since October 2017, the Energy Information Administration said on Wednesday.
Source: www.reuters.com
U.S. crude oil inventories rose by 3.6 million barrels to 450.8 million barrels in the week to Feb. 8, as per the weekly report released Wednesday by the EIA. These results are the highest since Nov. 2017 and are above analysts’ expectations for a build of 2.7 million barrels. This is the fourth consecutive weekly gain and comes despite a fall in crude imports to the lowest on record last week. Gasoline stocks rose by 408,000 barrels compared to expectations for a build of 826,000 barrels while distillate stockpiles rose by 1.2 million barrels versus expectations for a 1.1 million-barrel drop.
