Oct. 24–The nation’s stockpile of commercial crude oil rose by 6.3 million barrels last month, but the jump was more than offset by declines in the storage of gasoline, distillate fuel oil and other products.
The U.S. Energy Department’s report Wednesday on crude inventories is a smaller jump than the 9.8 million barrel oil build projected by the American Petroleum Institute, but more than the 3.5 million barrels estimated by Bloomberg.
Gasoline stocks fell by nearly 5 million barrels, while distillate fuel oil — used for heating oil, cooking and more — declined by 2.3 million barrels. Factoring in other oils, jet fuel and other products, the nation’s total commercial petroleum stocks actually fell by 8 million barrels despite the rise in crude.
U.S. oil prices dipped to a two-month low Tuesday down near $66 a barrel in part because of the inventories projections, but mostly because Saudi Arabia indicated it would increase its oil production output to offset any losses from other OPEC nations like Iran and Venezuela.
Oil prices were increasing slightly Wednesday morning.
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