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US crude oil inventories rise
The US Energy Information Administration said on Wednesday that US crude oil inventories rose unexpectedly last week, even as stocks in the main Cushing hub fell to their lowest level since 2018.
Fuel stocks fell and demand exceeded the record set in the previous week, with total product supplies over four weeks reaching an average of 22.1 million barrels per day, according to the Energy Information Administration.
And the US economy quickly recovered from the recession caused by the Corona virus, which boosted demand for fuel.
Crude oil inventories increased by 1.1 million barrels in the week ending February 11 to 411.5 million barrels, compared to expectations for a decline of 1.6 million barrels.
Crude stocks at the delivery hub in Cushing, Oklahoma, fell 1.9 million barrels to 25.8 million barrels, the lowest level since September 2018.
The administration's data showed a decrease in crude consumption in refineries by 675,000 barrels per day last week, and an increase in refinery operating rates by 2.9 percent.
Gasoline stocks fell 1.3 million barrels, compared to analysts' expectations in a Reuters poll, for an increase of 550,000 barrels.
The data showed that distillate stocks, which include diesel and heating oil, fell by 1.6 million barrels.
