Surprising Increase in US Oil Stockpiles

US Energy Information Administration data released on Wednesday showed a sudden rise in US stockpiles of crude oil and gasoline over the past week.

The data came as oil players bet on increased consumption ahead of the US summer travel season, whether by land or air.

The administration said crude inventories fell 2.951 million barrels in the week ended May 5, after falling 1.280 million barrels the previous week, while analysts had expected a decline of 910,000 barrels.

For gasoline, the Energy Information Administration said inventories fell by 3.168 million barrels over the past week, while a decline of 1.233 million barrels was expected after a 1.743 million barrel increase the previous week.

On the other hand, US inventories data released by the American Petroleum Institute, which represents corporate interests, showed an increase in inventories over the past week by 3.6 million barrels.

Source: dpa

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