Petroleum Inventories Rise By 3.2 Million Barrels, Exceeding Analyst Expectations
Petroleum imports balanced 6.7 million bpd, increasing by 424,000 bpd from the previous week.
Strategic Petroleum Reserve increased from 362.3 million barrels to 363.1 million barrels as U.S. continued to purchase oil for tactical reserves. The purchases of oil for SPR have actually worked as a product favorable driver for oil markets this year.
Domestic oil production stayed the same at 13.1 million barrels in spite of increasing oil rates. Traders will carefully keep an eye on the characteristics of domestic oil production as it might have a considerable influence on oil cost characteristics.
WTI oil made an effort to settle above the $81.50 level regardless of the unexpected boost in petroleum stocks. The other day, API report revealed that unrefined stocks increased by as much as 9.3 m...