By Kim Khan
Investing.com – Stockpiles of U.S. crude climbed more than expected again last week, the Energy Information Administration reported Wednesday, as demand destruction from the Covid-19 pandemic continued.
Oil inventories rose by 15.2 million barrels for the week ended April 3, the EIA said. That compared with expectations for a build of about 9.3 million barrels, according to forecasts compiled by Investing.com.
Gasoline inventories soared by 10.5 million barrels, versus forecasts for a rise of about 4.3 million barrels. Distillate stockpiles rose by 476,000 barrels, compared with expectations for a build of about 1.45 million barrels. Refinery usage rates fell by 6.7% on the week, after a 5% drop last week. Forecasts had been for a decline of only 2.5%.
WTI futures climbed 5.1%. They were up about 4.2% before the report arrived.
Breaking: Oil Inventories Jumped by 15.2M Barrels Last Week: EIA
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