US Crude Oil Inventories Surge, Prices Drop

Crude oil inventories in the U.S. surged by 2.8 million barrels, marking a significant increase following a decrease the previous week. Despite this, current levels remain 4% below the five-year average. Crude oil prices dipped, with Brent crude at $62.34 and WTI at $61.22, both down slightly from the previous week. Gasoline and middle distillate inventories also rose, with production rates at 9.6 million and 5.0 million barrels daily, respectively. Overall, petroleum product supply decreased slightly, with gasoline demand at 8.8 million barrels per day and distillate demand at 3.7 million barrels, both down slightly from last year.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.