Thursday , January 21 2021

Unexpected increase in crude and gasoline inventories in the United States

Data from the American Petroleum Institute showed that crude oil and gasoline inventories in the United States increased last week.

Shares of crude oil rose 4.6 million barrels during the week ended October 23 to about 495.2 million barrels, while analysts’ expectations were for a decline of 1.2 million barrels.

Crude inventories in Cushing, Oklahoma, rose 136 million barrels.

According to the Institute of Petroleum, consumption of crude food refineries increased by 176,000 barrels per day.

Gasoline inventories rose 2.6 million barrels, while analysts in a Reuters poll expected a drop of 961,000 barrels.

According to the data, US crude oil imports last week increased by 436 thousand barrels per day.

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