A sudden increase in US oil inventories

The Energy Information Administration on Wednesday announced increases in inventories of crude oil and gasoline in the United States, with inventories of distillates decreasing.

Crude inventories rose 19 million barrels in the week ending January 6 to 439.6 million barrels, compared to analyst expectations in a Reuters poll to decline by 2.2 million barrels.

The administration said crude inventories at the Cushing delivery center, in Oklahoma, were up 2.5 million barrels last week.

Crude oil consumption from refineries increased by 831,000 barrels a day last week, while refinery utilization increased by 4.5 percentage points.

The administration said U.S. gasoline inventories rose 4.1 million barrels for the week to 226.8 million barrels, compared with analyst expectations in a Reuters poll, an increase of 1.2 million barrels.

Administration data showed distillate inventories, which include diesel and heating oil, fell 1.1 million barrels a week to 117.7 million barrels, while it was expected to decline 0.5 million. of barrels.

The administration said that net imports of U.S. crude rose 2.71 million barrels a day.

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