US oil inventories unexpectedly up 0.4%

UNITED STATES, WASHINGTON (VOP TODAY NEWS) — U.S. commercial oil reserves (excluding the strategic reserve) for the week ended August 8 rose 1.6 million barrels, or 0.4%, to 440.5 million barrels, according to the Energy Ministry’s Energy Information (EIA) weekly review.

Analysts interviewed by Reuters expected a decrease in reserves of 2.775 million barrels.

According to the ministry, US oil production for the week was 12.3 million barrels per day, remaining at the level of the previous week.

Oil reserves at the country’s largest terminal in Cushing, Oklahoma, fell 2.6 million barrels to 44.8 million barrels.

Gasoline inventories decreased by 1.4 million barrels, or 0.6%, to 233.8 million barrels. Analysts predicted an increase in gasoline inventories by 0.025 million barrels.

Distillate stocks for the week decreased by 1.9 million barrels, or 1.4%, to 135.5 million barrels. Growth was projected at 0.985 million barrels.

The strategic oil reserve in the country has not changed compared to the previous week and amounted to 644.8 million barrels.

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