US CRUDE STOCKPILES RISE UNEXPECTEDLY, GASOLINE DRAWS DOWN AS DEMAND GROWS
NEWS Desk Global
U.S. crude oil inventories rose unexpectedly last week due to a big adjustment for unaccounted barrels, while gasoline stockpiles fell as demand grew ahead of the summer driving season, the Energy Information Administration said on Wednesday.
Crude inventories rose by 1.8 million barrels to 458.8 million barrels in the week ending May 17, the EIA said, compared with analysts' expectations for a 2.5 million-barrel draw. Despite higher exports and refining rates and steady production, crude stocks grew as the EIA’s adjustment number, which tracks unaccounted for crude, rose to 1.4 million barrels last week, its highest since early November.
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