US commercial crude oil inventories increased by 0.5% during the week ending Nov. 1, according to data released by the Energy Information Administration (EIA) late Wednesday.
Inventories rose by around 2.1 million barrels to 427.7 million barrels, against the market prediction of 300,000 barrels rise.
Strategic petroleum reserves, which are excluded from commercial crude stocks, increased by approximately 1.4 million barrels to 387.2 million barrels last week, the data revealed.
Over the same period, gasoline inventories increased by around 400,000 barrels to 211.3 million barrels.
- Crude production slightly falls
EIA data showed that US crude oil production fell by 7,000 barrels per day (bpd) to about 13.92 million bpd during the week ending Nov. 1.
US crude oil imports rose by 265,000 bpd to approximately 6.24 million bpd while exports fell by 1.41 million bpd to around 2.85 million bpd over the same period.
In the Short-Term Energy Outlook (STEO) released on Oct. 9, the EIA predicted that crude oil output in the country would reach an average of 13.22 million bpd this year.
Next year, crude oil output in the country is expected to reach 13.54 million bpd.
By Zeynep Beyza Kilic
Anadolu Agency
energy@aa.com.tr