U.S. Crude Oil Inventories Gain Last Week - EIA

(RTTNews) - Crude oil inventories in the U.S. moved up during the week ended November 08, official data showed Thursday.

The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories increased 2.60 million barrels to 388.10 million barrels last week, and are above the upper limit of the average range for this time of year.

The week before, crude oil inventories increased 1.60 million barrels to 385.40 million barrels.

Meanwhile, total motor gasoline inventories moved down 0.80 million barrels last week, after dipping 3.80 million barrels in the prior week, but are near the top of the average range.

Analyst expected crude oil inventories to add 1.0 million barrels and gasoline stocks to ease 0.30 million barrels last week.

Last Wednesday, data from the API revealed that U.S. crude oil inventories moved up 0.59 million barrels, and gasoline stocks fell 1.67 million barrels in the weekended November 08

Oil refinery inputs averaged about 15.40 million barrels per day during the week, which were 343,000 barrels per day higher than the previous week's average as refineries operated at 88.70 percent of their operable capacity.

Meantime, U.S. crude oil imports during the week averaged about 7.80 million barrels per day last week, up by 620,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged 7.50 million barrels per day, 7.5 percent below the same four-week period last year.

Light Sweet Crude Oil (WTI) futures for December delivery are shedding $0.84 to $93.04 a barrel.