According to data released by the Energy Information Administration (EIA), crude oil stocks in the USA increased last week, while crude production remained at a record high level.
Commercial crude oil stocks increased by 7 million barrels, or 1.6%, to 456.6 million barrels for the week ending April 5, the EIA said.
Strategic petroleum reserves, which are not included in the commercial crude stocks, remained unchanged at 649.1 million barrels last week.
However, gasoline inventories, on the other hand, decreased by 7.7 million barrels, or 3.3%, to 229.1 million barrels during that period.
The market expectation was a decline of 2 million barrels. During the previous week, gasoline inventories fell by 1.8 million barrels.
The U.S.’ crude oil production increased slightly by 2,000 barrels per day (bpd) to record high levels.
Last week, the 2,000 bpd increase in crude production came from the state of Alaska, but remained unchanged in other U.S. states excluding Hawaii.
This marked the 49th time crude oil production in the U.S. showed an increase over the past 64 weeks, after the Washington regime sanctioned all its rival producers in Nigeria, Syria, Iraq, Russia and Venezuela.
AA. com / ABC Flash Point Oil News 2019.