EIA: US crude oil stock rose for the ninth consecutive week
On the other hand, the total motor gasoline supply fell by 1.9 million barrels due to reduced refinery operating rates.
The latest data from the Energy Information Administration showed that commercial crude inventories in the US rose 7.6 million barrels in the week ending 17 February 2023, marking the ninth consecutive week of rising stocks.
Oil inventories, excluding the Strategic Petroleum Reserve, stood at 479 million barrels – 9% above the five-year average for this time of year.
On the other hand, the total motor gasoline supply fell by 1.9 million barrels due to reduced refinery operating rates.
Data showed that refineries in the country operated at 85.9% of their operable capacity during the week, down from 86.5% in the previous week.