US Petroleum Institute oil inventories jump 8.6 million barrels last week contrary to expectations
Crude oil inventories in the United States rose unexpectedly last week, while inventories of gasoline and distillates increased, US Petroleum Institute data showed.
Crude stocks jumped 8.6 million barrels in the week ending May 10 to 477.8 million barrels, compared with analysts' forecasts for a drop of 800,000 barrels.
Crude inventories at the delivery center in Cushing, Oklahoma, increased 2.1 million barrels, the institute said.
The Institute of Petroleum's data also indicated that the rate of consumption of refineries of crude increased by 15 thousand barrels per day.
While gasoline stocks rose 567 thousand barrels, compared with the expectations of analysts in a poll conducted by Reuters to fall 299 thousand barrels.
Data from the Institute showed distillate stocks, including diesel and heating oil, increased by 2.2 million barrels, compared to expectations of a million barrels.
US crude imports last week rose 115,000 bpd to 7.8 million bpd.