EIA reports US crude inventories rose by 2.5 million barrels, defying forecasts
Commodity
The US Energy Information Administration, or EIA, reported that US crude oil inventories increased by 2.5 million barrels last week, contrary to analysts' expectations of a 1.5 million barrel decline. Crude stocks at the Cushing, Oklahoma delivery hub for US crude futures rose by 2.4 million barrels. Gasoline inventories fell by 1.6 million barrels, more than the 1.3 million barrel drop analysts had forecast. Meanwhile, distillate fuel inventories, which include heating oil and diesel, decreased by 3.5 million barrels, against expectations of a 206,000 barrel increase.
