U.S. Crude Inventories Increased by 8.5 Million Barrels Last Week: EIA

By Sam Boughedda

U.S. oil stockpiles experienced a larger-than-anticipated increase in the latest week, according to the Energy Information Administration’s report released on Wednesday.

The stockpiles rose by 8.487 million barrels last week, in contrast to analysts’ predictions, which had expected a decrease of 0.457 million barrels. Additionally, inventories that encompass diesel and other refined products saw a decline of 0.913 million barrels during the week, falling short of expectations for a reduction of 1.312 million barrels, as indicated by the EIA data.

Furthermore, crude oil inventories decreased by 3.607 million barrels last week, which was significantly more than the forecasted drop of 1.574 million barrels.