US crude oil inventories grow amid higher imports and lower demand for fuel — EIA

According to yesterday's statements from the Energy Information Administration (EIA), US crude oil inventories showed a significant rise. It happened due to an increase in oil imports to a six-week-high. At the same time, the level of demand for gasoline and distillates showed a decline.

Based on EIA reports, the country's energy stocks rose by 1.3 million barrels to 443.2 million barrels for the week. At the same time, net imports of crude oil in the United States increased by 110,000 barrels per day, reaching a six-week high of 2.58 million barrels per day.

However, according to Phil Flynn, senior analyst of Price Futures Group, this shift in crude oil stocks has mismatched with investor’s expectations. As the expert notes, earlier the markets had forecasted a decline in gasoline stocks in the country.

Following the published data, the cost of crude oil weakened gains and Brent crude oil prices moved into negative price range for a short period of time.