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US crude oil inventories rise as futures extend drop

US crude oil inventories rise as futures extend drop

Mubasher: US crude oil stockpiles climbed by 1.1 million barrels to 417.1 million barrels in the week ended 13 September, according to the Energy Information Administration’s (EIA) weekly report.

Total motor gasoline inventories rose by 800,000 barrels, while distillate fuel inventories went up by 400,000 barrels.

US crude refinery runs averaged of 16.7 million barrels per day (bpd) during the week, 788,000 bpd lower than the prior week’s average.

Furthermore, refineries operated at 91.2% of their operating capacity last week.

US crude imports increased by 326,000 bpd, reaching an average of 7.1 million bpd, compared to the previous week, the EIA said.

Following the release of the EIA report, US Nymex crude futures dropped by 1.72% to $58.32 per barrel (pb), while international benchmark Brent futures fell by 1.27% to $63.73 pb.