U.S. Crude Oil Stocks Increased by 4.3 Million in One Week

U.S. Crude Oil Stocks Increased by 4.3 Million in One Week U.S. crude oil stocks increased by 4.3 million in one week. According to the US Energy Information Administration’s (EIA) statement, commercial crude oil stocks increased by 0.9 percent last week compared to the previous week. The US Energy Information Administration (EIA) said that stocks of commercial crude oil in the country increased by 4.3 million units last week to 492.4 million barrels. The market expectation was that stocks would increase by approximately 1.2 million barrels. Strategic crude oil stocks, which are not included in the commercial crude oil stocks, decreased to 639.4 million barrels. In the week in question, the gasoline stocks of the USA also fell by 900 thousand barrels to 226.1 million barrels.   Increase in Oil Production US crude oil imports reached approximately 5.7 million barrels per day with an average increase of 545 thousand barrels compared to the previous week, while oil exports increased by an average of 424 thousand barrels per day to 3.5 million barrels. The daily crude oil production of the country increased by 1.2 million barrels in the week of 17-23 October and was recorded as approximately 11.6 million barrels. According to the October 2020 Short-Term Energy Outlook Report released by the EIA, the expectation for the average daily crude oil production in the US was 11.2 million barrels this year.