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US crude inventories rise 1.6m barrels as oil prices plunge

US crude inventories rise 1.6m barrels as oil prices plunge

Mubasher: US crude oil inventories rose by 1.6 million barrels to 440.5 million barrels in the week ended 9 August, according to the Energy Information Administration (EIA).

Total motor gasoline stockpiles fell by 1.4 million barrels, while distillate fuel inventories declined by 1.9 million barrels.

US crude refinery runs averaged 17.3 million barrels per day (bpd) during the week, 475,000 bpd less than the preceding week’s average.

Refineries operated at 94.8% of their operating capacity last week.

US crude imports went up by 566,000 bpd to an average of 7.7 million bpd, compared to the prior week, the EIA said.

Following the release of the EIA report, US Nymex crude futures dropped by 3.68% to $55 per barrel (pb), while international benchmark Brent futures fell by 3.41% to $57.58 pb.