Oil drops 1% after US crude and fuel stocks increase

The US Energy Information Administration says that US crude oil stocks rose, while gasoline and distillate stocks fell last week.

  • Gasoline stocks increased by 500,000 barrels

Oil prices fell on Wednesday, after data showed crude inventories increased more than expected, while fuel stocks rose unexpectedly last week in the United States, the world’s largest oil consumer.

By 14:00 GMT, Brent crude futures fell 88 cents, or 1 percent, to $85.52 a barrel, after hitting a seven-year closing high on Tuesday.

US West Texas Intermediate crude fell 76 cents, or 0.9 percent, to $ 83.89 a barrel, after increasing by 1.1 percent in the previous session.

Market sources said, citing data from the American Petroleum Institute, on Tuesday, that US crude stocks increased by 2.3 million barrels during the week ending on October 22.

Gasoline stocks increased by 500,000 barrels, while distillate stocks increased by 1 million barrels.

For its part, the US Energy Information Administration said today, Wednesday, that crude oil stocks in the United States rose, while stocks of gasoline and distillates fell last week.

The administration added that US crude stocks rose 4.3 million barrels in the week ending October 22 to 430.8 million barrels, compared to analysts’ expectations in a Reuters poll for an increase of 1.9 million barrels.

The government agency reported that crude stocks at the delivery center in Cushing, Oklahoma, fell 3.9 million barrels over the past week. Refinery consumption increased by 0.4 percentage points.

Gasoline stocks fell by two million barrels to 215.8 million barrels, compared to analysts’ expectations for a decline of 1.9 million barrels.

The Energy Information Administration data showed that distillate stocks, which include diesel and heating oil, fell 432,000 barrels to 125 million barrels, compared to expectations for a decline of 2.3 million barrels.

Net US crude imports increased by 702,000 barrels per day.

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