The Energy Department reported Wednesday that the US commercial crude inventories increased sharply in the week ending April 22, sending the prices on global oil market lower.
Data released by the department showed that commercial crude oil stockpiles rose by 5.5 million barrels last week to 324.4 million, against analysts' expectations for a rise of just 650,000.
Gasoline inventories, however, dropped 300,000 barrels to 211.3million. The drop was less than the predicted 1.2 million barrels.Supply of distillate fuel, including diesel and heating oil, fell 1.4 million barrels to 102.6 million last week.
A parallel survey by the private American Petroleum Institute showed that US commercial crude oil inventories increased 5.66 million barrels to 324.66 million last week. Gasoline stockpiles dropped 1.07 million barrels to 213.11 million.
Even though crude oil and gasoline inventories are better than expected, the strong demand is still a factor affecting the market,according to analysts.
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Sharp Inventories Increase
The Energy Department reported Wednesday that the US commercial crude inventories increased sharply