U.S. Crude Oil Supplies Rise Unexpectedly
U.S. crude oil inventories posted an unexpected build last week, while product stocks fell amid higher demand, according to data released Wednesday by the U.S. Energy Information Administration.
Commercial crude oil stocks excluding the Strategic Petroleum Reserve rose by 3.5 million barrels to 441.8 million barrels in the week ended May 9, and were about 6% below the five-year average for the time of year, the EIA said. Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would fall by 1.8 million barrels.
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