EIA: US crude and gasoline inventories rose sharply last week
The Energy Information Agency released the latest report that showed a 16.3 million build-up in commercial crude inventory in the US last week, marking the eighth consecutive week of rising stock levels.
The Energy Information Agency released the latest report that showed a 16.3 million build-up in commercial crude inventory in the US last week, marking the eighth consecutive week of rising stock levels. At 471.4 million barrels, US crude stocks were about 8% above the five-year average for this time of the year.
Market, however, shrugged off the data claiming the large figure was largely due to a data adjustment.
Total motor gasoline inventories rose 2.3 million barrels from the week before.
Refineries in the countries operated at 86.5% of their operable capacity, down 1.4% from the week earlier.