Oil inventories rose 718,000 barrels in the week ending Dec. 23 (Getty)
She said US Energy Information AdministrationToday, Thursday, a US inventories of crude oil and distillates increased, while gasoline inventories decreased.
Oil inventories rose 718,000 barrels in the week ending Dec. 23 to 419 million barrels, while Analysts expected In a Reuters poll, it fell by 1.5 million barrels.
Crude inventories at the Cushing, Oklahoma delivery center fell by 195,000 barrels in the past week, according to the Energy Information Administration.
The administration said crude oil refining operations increased by 173,000 barrels a day in the past week. Refinery operating rates increased 1.15%.
He added that U.S. gasoline inventories fell by 3.1 million barrels last week to 223 million barrels, compared with analysts’ expectations in a Reuters poll for an increase of 500,000 barrels.
Distillate inventories, which include diesel and heating oil, rose by 300,000 barrels in the same week to 120.2 million barrels, versus expectations for a decline of two million barrels, according to administration data.
The administration said net U.S. imports of crude oil increased by 1.33 million barrels a day.
In recent months, the United States has released 180 million barrels of its strategic stockpiles in a bid to fill market shortfalls and curb prices, which had reached all-time highs in the wake of Russia’s invasion of Ukraine.
And with the gradual sale of those bonds, their US stock has hit its lowest levels since 1984, which has raised the concerns of OPEC and OPEC.his allies on energy security, prompting it to take the decision to cut production.
At the time of the withdrawal from stocks, the US administration said it would rebuild stocks when the price of a barrel fell below eighty dollars a barrel, which it has already started starting this month.
Oil futures fell more than two dollars on the announcement of higher-than-expected oil inventories, but received some support from The decision of the Russian president Vladimir Putin banned the export of crude oil and petroleum products from February 1, for a period of five months, to countries adhering to the Western price ceiling.
The contracts trimmed losses as the dollar fell as investors became concerned at the end of the year, while initial optimism about China’s reopening of the economy faded.
(Reuters, The New Arab)
