Aug. 08–The nation’s stockpiles of commercial crude oil dipped by 1.4 million barrels last week, but that amount fell short of expectations and was more than offset by storage gains of fuel volumes.
The country’s total petroleum inventories rose by 3.3 million barrels, driven by gains in gasoline stocks and in distillate fuel oil, which is used to make diesel and heating oil.
Record-high U.S. oil production slipped to 10.8 million barrels a day last week, according to the U.S. Energy Department, apparently driven by pipeline constraints in West Texas’ booming Permian Basin. U.S. production had hit an estimated all-time high of 11 million barrels a day last month.
With the expectation of bigger declines in petroleum stocks, U.S. oil prices fell Wednesday morning on the news, fell below $68 a barrel.
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