Mubasher: US crude oil inventories climbed by 5.4 million barrels to 470 million barrels in the week ended 10 May, according to the Energy Information Administration (EIA).
Total motor gasoline stockpiles dipped by 1.1 million barrels, while distillate fuel inventories fell by 100,000 barrels.
US crude refinery runs averaged 16.7 million barrels per day (bpd) during the week, 271,000 bpd higher the previous week’s average.
Refineries operated at 90.5% of their operating capacity last week.
US crude imports climbed by 919,000 bpd to an average of 7.6 million bpd for the reported week, compared to the preceding week, the EIA said.
Following the release of the EIA report, US Nymex crude futures fell by 0.68% to $61.36 per barrel (pb), while international benchmark Brent futures fell by 0.13% to $71.15 pb.