Energy Information Administration: US crude inventories increased 19.2 million barrels last week
Economy News _ Baghdad
US crude stocks rose 19 million barrels in the latest week, posting an unprecedented jump, with refiners reducing activity due to declining demand as a result of the Corona virus pandemic.
Crude inventories increased 19.2 million barrels to 503.6 million barrels, far exceeding analysts' expectations in a Reuters poll of 11.7 million barrels, according to the US Energy Information Administration.
Crude stocks at the delivery point in Cushing, Oklahoma, rose 5.7 million barrels in the latest week, according to the administration.
The rate of crude consumption in refineries decreased by 969 thousand barrels per day, and the rate of utilizing the refineries capacity decreased 6.5 percentage points.
US gasoline inventories increased 4.9 million barrels over the week to 262.2 million barrels, according to the Information Administration, compared to an increase of 6.4 million barrels expected by analysts in a Reuters poll.
Distillate stocks, which include diesel and heating oil, rose 6.3 million barrels to 129 million barrels, while it was expected to rise 1.4 million barrels.
The net US imports of crude fell 797 thousand barrels per day last week.