The Energy Information Administration released their weekly crude oil stock inventory report in the US. Data show a rise in oil stockpiles last week despite a drop in imports.
Domestic crude stocks grew 3.42 million barrels to 366.55 million barrels in the week beginning April 25, much higher than the expected 2-million-barrel increase.
Meanwhile, crude imports fell 389,000 barrels per day to 8.84 million bpd.
Additionally, inventories of gasoline dropped for the 11th straight week, despite expectations for a rise in 300,000 barrels. The drop by 1.05 million barrels to 204.54 million barrels was the greatest since June 2009. That compared with expectations for a 300,000-barrel build.
Distillate stocks dropped by 1.4 million barrels to 145.13 million barrels, versus an expectation of a 600,000-barrel increase.
Inventories at the Cushing, Oklahoma terminal jumped 102,000 barrels to 40.49 million barrels. Cushing is the delivery point for the New York Mercantile Exchange’s benchmark West Texas Intermediate crude futures.
U.S. crude oil futures fell after the data, and by 1600GMT were down to $108.47 a barrel. Before the inventory report, crude was at a low of $108.79.