U.S. crude oil stocks increased last week as the country produced and imported more oil while exporting less, The Wall Street Journal reports.
Commercial crude oil stocks―excluding the Strategic Petroleum Reserve―rose last week after analysts had previously predicted stockpiles would fall. Stockpiles remain around 4% below the five-year average for the time of year, according to data released Wednesday by the U.S. Energy Information Administration.
The EIA estimates U.S. crude oil production last week was at 13.2 million barrels a day, slightly up from the week prior. Crude oil imports increased, while exports fell.
While gasoline inventories grew, they were still slightly below the five-year average. Demand for gasoline grew by 94,000 barrels a day last week to 9 million barrels a day.
