Oil prices continued their slump on Wednesday as an unexpected increase in U.S. crude stocks revived worries about a supply glut that has capped prices for the past two years.
Figures released Wednesday by the Energy Information Adminstration showed U.S. crude stockpiles rose by 2.5 million barrels to a total of 523.6 million barrels in the week through Aug. 19 as refinery inputs decreased and gasoline production fell. Analysts had expected a fall of 455,000 barrels, or less than an earlier report from the American Petroleum Institute (API), which indicated on Tuesday that U.S. crude inventories had risen by 4.5 million barrels the same week.
U.S. crude oil imports averaged over 8.6 million barrels per day last week, up by 449,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 8.5 million barrels per day, 13.3% above the same four-week period last year
The EIA also said gasoline stocks were up by 36,000 barrels, compared with expectations in an economists' poll for a 1.2-million-barrel drop. Distillate stockpiles, which include diesel and heating oil, rose by 122,000 barrels, versus expectations for a 400,000-barrel increase.
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