U.S. Crude Oil Inventories Rise by 4.7 Million Barrels

The Energy Information Administration reported that U.S. commercial crude-oil inventories rose by 4.7 million barrels for the week ending November 6, bringing total stocks to 414.4 million barrels. This increase ended a five-week streak of withdrawals and contradicted analyst expectations, which had predicted a decline of 700,000 barrels.

The agency attributed the build to a combination of higher imports, which increased by 325,000 barrels a day, and lower exports, which fell by 220,000 barrels a day. Other fuel stocks also rose unexpectedly, with gasoline inventories increasing by 1.8 million barrels and distillate fuel stocks rising by 4.1 million barrels.

While commercial stocks grew, oil stored in the Strategic Petroleum Reserve fell by 2.6 million barrels. U.S. crude oil production remained steady at approximately 14 million barrels a day, and stocks at the Nymex delivery hub in Cushing, Oklahoma, rose by 106,000 barrels.