US Oil Stocks Increased

US Oil Stocks Increased

US crude oil stocks increased by 7.7 million barrels compared to last week. The U.S. Energy Information Administration (EIA) said the country's commercial crude oil inventories rose by 1.7 percent compared to last week to 451.8 million barrels. Market estimates were that inventories increased by 2.3 million barrels. Strategic crude oil inventories, which are out of commercial crude oil stocks, remained stable over the past week, remaining at 635 million barrels. In this period, US gas stocks fell by 5 million barrels to 247 million barrels. Market expectations were estimated that gasoline stocks would decrease by 2.5 million barrels.

OIL PRODUCTION DECREASED

US crude oil imports increased by an average of 174 thousand barrels a day compared to the previous week, while oil exports decreased by an average of 744 thousand barrels a day to 3.41 million barrels. In the period in question, crude oil production of the USA decreased by an average of 101 thousand barrels per day. Thus, the country's crude oil production remained around 13 million barrels in the week of February 29-March 6.