Oil Prices Rise as U.S. Inventories Grow and Demand Outpaces Supply
TL;DR Summary
U.S. crude oil inventories increased by 3.026 million barrels, surpassing expectations, while gasoline inventories rose by 1.004 million barrels and distillate inventories increased by 2.908 million barrels. Crude oil production in the United States reached 12.4 million bpd, and inventories at Cushing, Oklahoma, fell by 2.150 barrels. The Department of Energy sold another 400,000 barrels of crude from the Strategic Petroleum Reserve, leading to a new 40-year low in stockpiles. The oil price rally continued, with WTI trading at $74.90 per barrel and Brent crude at $79.47.
Topics:business#crude-oil-inventories#energy#gasoline-inventories#oil-price-rally#strategic-petroleum-reserve#us-oil-production
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