Last week, crude oil inventories in the U.S. increased by 4.4 million barrels, contrary to analysts' expectations of a 1.2 million barrel decrease.
The Energy Information Administration reported that crude oil stocks at the delivery hub in Cushing, Oklahoma, fell by 4.7 million barrels, while crude consumption in refineries rose by 110,000 barrels per day. Refinery utilization rates increased by 0.5 percentage points, and gasoline inventories decreased by 260,000 barrels. According to the Energy Information Administration, distillate stocks, including diesel and heating oil, rose by 458,000 barrels, and net U.S. crude imports increased by 566,000 barrels per day last week.
