Inventories of US crude oil increased by 0.1 million barrels last week while the crude oil production in the country fell. Commercial crude oil inventories in the US increased to 0.1 million barrels last week.
The US Energy Information Administration (EIA) announced that the commercial crude oil inventories in the US rose by 0.1 million barrels last week and reached 509.2 million barrels. The market expectation was that inventories were down by 2.6 million barrels. Crude Oil inventories fell 2.5 million barrels last week.
Strategic Petroleum inventories, which are not included in commercial crude oil stocks, decreased by 1.4 million barrels to a level of 682.4 million last week.
The US weekly gasoline stocks dropped by 0.9 million barrels (0.4 percent) week on week, to 241 million barrels. The market expectation for the deficit was thought to be down by 0.6 million barrels. Gasoline inventories fell by 0.6 million barrels last week.
On the other hand crude oil production in the US fell sharply. Crude oil imports of the country in question increased by 140 thousand barrels per day to 8.02 million barrels per day and crude oil exports rose by 11 thousand barrels per day to 528 thousand barrels per day compared to the previous week.
In the period in question, US crude oil production decreased by an average of 100,000 barrels a day to 9.25 million barrels per day compared to the previous week.Following the sharp decline in crude oil production in the country, an increase in oil prices was seen in the global market.
According to the EIA data, the price of US West Texas crude oil rose to $ 44.78, while the price of London Brent oil rose to $ 47.52.
Financial Experts emphasize that last week’s London Brent oil price was at its lowest level in the past 7 months and that the price of West Texas crude oil had fallen to the lowest level in the last 10 months, showing that the US crude oil production was adversely affected.