US inventories of crude oil, gasoline increase

0 Comment(s)Print E-mail Xinhua, October 12, 2018
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The U.S. Energy Information Administration (EIA) on Thursday reported rises in both crude oil and gasoline inventories.

The crude oil inventories of the United States was up 6.0 million barrels for the week ending Oct. 5. At 410.0 million barrels, the figure is at the five year average for this time of year.

Meanwhile, U.S. total motor gasoline inventories increased by 1.0 million barrels and are about 7 percent above the five year average. The EIA report also showed that the distillates inventories was down 2.7 million barrels.

According to EIA, the weekly U.S. crude oil output was 16.2 million barrels, 352,000 barrels per day less than the previous week.

U.S. oil prices further dived 3.01 percent Thursday amid a rise in petroleum stockpiles and a deep fall of stock markets. The West Texas Intermediate (WTI) for November delivery fell 2.2 U.S. dollars to settle at 70.97 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery lost 2.83 dollars to 80.26 dollars per barrel on the London ICE Futures Exchange. 

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