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US crude stockpiles climb as oil prices rise

US crude stockpiles climb as oil prices rise

Mubasher: US crude oil inventories jumped by 10.3 million barrels to 442.1 million barrels in the week ended 9 November, according to official data by the Energy Information Administration (EIA).

Total motor gasoline inventories fell by 1.4 million barrels, and distillate fuel stockpiles by 3.6 million barrels.

US crude refinery runs reached an average of 16.4 million barrels per day (bpd) during the week, 24,000 bpd higher than the previous week’s average, as refineries operated at 90.1% of their operating capacity last week.

US crude imports fell 87,000 to an average of 7.5 million bpd for the same week, compared to the previous week, the EIA said.      

Following the release of the EIA report, US Nymex crude futures rose 1.16% to $56.90 per barrel (pb), while global benchmark Brent futures climbed 1.33% to $67 pb.