US Crude Oil Inventories up by 4.1 million barrels

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Wednesday, Jan 11 2017

US Crude Oil Inventories up by 4.1 million barrels

U.S. crude inventories increased by 4.1 million barrels last week, EIA said. That topped both the 1.2 million barrel build that analysts forecast in a Reuters poll and the 1.5 million barrel build in data Tuesday from the American Petroleum Institute, an industry group.

"It is one the most uniformly bearish reports in some time," said John Kilduff, partner at energy hedge fund Again Capital in New York.The stocks rose as crude imports and refining hit record highs, EIA data showed. Refinery crude runs rose 418,000 barrels per day to 17.1 million bpd, the highest level since EIA records begin in 1982.

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