EIA: US commercial crude inventories continued to build up last week
Industry experts said that the bullish demand outlook associated with the easing inflation in the US and China reopening has encouraged investors to pump money into oil production.
The Energy Information Administration (EIA) in the latest report said the commercial crude inventories in the US built up another 2.4 million barrels in the week to 3 February 2023 as oil production in the country rose to the highest levels since April 2020.
At 455.1 million barrels, the stock levels were about 4% above the five-year average for this time of the year.
Industry experts said that the bullish demand outlook associated with the easing inflation in the US and China reopening has encouraged investors to pump money into oil production.
Refineries in the US operated at 87.9% of their operable capacity last week, up 2.2% from the week before.
Total motor gasoline supply rose by 5 million barrels during the week, indicating the slow recovery of demand.