US commercial crude oil inventories increased by 0.8% during the week ending Nov. 10, according to data released by the Energy Information Administration (EIA) on Wednesday.
Inventories rose by around 3.6 million barrels to 439.4 million barrels, compared to the American Petroleum Institute’s expectation of a rise of around 1.3 million barrels.
Strategic petroleum reserves, which are excluded from commercial crude stocks, remained unchanged at 351.3 million barrels last week, the data revealed.
Gasoline inventories decreased by about 1.5 million barrels to 215.7 million barrels over the same period.
– Crude production falls
EIA data showed that US crude oil production declined by 4,000 barrels per day (bpd) to around 13.63 million bpd during the week ending Nov. 10.
US crude oil imports also declined by 21,000 bpd to about 6.37 million bpd over the same period, while crude oil exports increased by 364,000 bpd to approximately 4.89 million bpd.
In the Short-Term Energy Outlook (STEO) released on Nov. 7, the EIA predicted that crude oil output in the country would reach an average of 12.90 million bpd this year.
Next year, crude oil output in the country is expected to reach 13.15 million bpd.
