Prices for petroleum hovered around six-month highs on Wednesday after data showing rising U.S. crude stockpiles countered fears of tight supply resulting from the Organization of the Petroleum Exporting Countries output cuts and U.S. sanctions on Venezuela and Iran.
Information released by the U.S. Energy Information Administration showed crude inventories rose by 5.5 million barrels in the week to April 19, compared with analysts’ expectations for an increase of 1.3 million barrels. That was still lower than a reading on Tuesday from the American Petroleum Institute, an industry group, which showed a rise of 6.9 million barrels last week.
What is more, U.S. crude stocks rose last week as imports increased. The United States imported an average 7.1 million barrels per day last week, up more than 1.1 million bpd from the previous week.
EIA also told investors gasoline stocks fell by 2.1 million barrels, compared with analysts’ expectations for a one-million-barrel drop. Distillate stockpiles, which include diesel and heating oil, declined by 662,000 barrels, versus expectations for a 1.2-million-barrel drop
Brent crude futures fell 23 cents to $74.28 U.S. per barrel late morning on Wednesday.
U.S. West Texas Intermediate crude futures were down 57 cents, or nearly 1%, at $65.73 U.S. per barrel.
