AI Summary
Oil tanks
US crude oil inventories rose by 3.1 million barrels in the week ended April 3, beating expectations for a 600,000-barrel increase, according to a report released by the Energy Information Administration (EIA).
|
US Crude & Derivatives Inventories (mln barrels) |
||||
|
Item |
Last Year |
Last Week |
Current |
Weekly Change |
|
Crude Oil |
442.3 |
461.6 |
464.7 |
+3.1 |
|
Gasoline |
236.0 |
240.9 |
239.3 |
(1.6) |
|
Distillates |
111.1 |
117.8 |
114.7 |
(3.1) |
What does this mean? The increase in crude inventories indicates weak demand in the US, amid the repercussions of the US war on Iran, which has driven oil prices higher, increasing fuel costs for companies and consumers.
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