US crude inventories rise by more than 4M barrels

09:02 AM (Mecca time) Argaam
US crude oil inventories rose by 4.4 million barrels in the week ended Nov. 14.

US crude oil inventories rose by 4.4 million barrels in the week ended Nov. 14.

US crude oil inventories increased during the week ended Nov. 14, data released Thursday by the Energy Information Administration (EIA) showed.

 

Gasoline inventories rose by 1.5 million barrels, and distillate stocks — including diesel and heating oil — rose by 600,000 barrels.

 

Futures contracts for Brent crude for December delivery climbed 1.05%, or 69 cents, to $64.89 per barrel.

 

Meanwhile, prices of West Texas Intermediate (WTI) crude oil for November delivery edged up 1.4%, or 83 cents, settling at $60.74 per barrel.

 

Investors are also awaiting the official data from the US Energy Information Administration (EIA) later today, with analysts expecting a 1.3 million-barrel increase in crude inventories.

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