USA's Crude Oil Stocks Increased by 500 Thousand Barrels

USA's Crude Oil Stocks Increased by 500 Thousand Barrels USA’s crude oil stocks increased by 500 thousand barrels. The market expectation in crude oil stocks was that it would increase by 400 thousand barrels. The US Energy Information Administration (EIA) announced that commercial crude oil stocks in the country increased by 0.1 percent last week, by 500,000 barrels. The market expectation in crude oil stocks was for an increase of 400 thousand barrels. Strategic crude oil stocks, which are not included in commercial crude oil stocks, decreased to 642 million barrels. In the given period, the country's gasoline inventories fell by 0.6 percent to 1.4 million barrels. Thus, the total number of barrels was recorded as 226.7 million.   Oil Production Increased The crude oil imports of the United States increased by approximately 5.73 million barrels per day compared to the previous week by an average of 610 thousand barrels last week, and oil exports decreased by an average of 853 thousand barrels per day to 2.66 million barrels. The daily crude oil production of the USA increased by 316 thousand barrels in the week of September 26-October 2 to approximately 11,459 million barrels. According to the "October 2020 Short-Term Energy Outlook Report" published by the EIA, the country's average daily crude oil production is estimated to be 11.2 million barrels in 2020.