U.S. crude oil inventories increased in the week ending Nov. 9, the U.S. Energy Information Administration (EIA) said in a report on Thursday.
According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased by 10.3 million barrels from the previous week. At 442.1 million barrels, U.S. crude oil inventories were about 5 percent above the five-year average for this time of year.
In the previous week ending Nov. 2, EIA reported a build of 5.8 million barrels, which caused concerns on demand side.
U.S. oil prices gained 0.37 percent Thursday amid big rise of commercial crude oil stockpiles and fall of oil product inventories within last week in the United States.
The West Texas Intermediate (WTI) for December delivery picked up 0.21 U.S. dollar to settle at 56.46 dollars a barrel on the New York Mercantile Exchange. Meanwhile, Brent crude for January delivery grew 0.5 dollar to close at 66.62 dollars a barrel on the London ICE Futures Exchange.
Editor:Cherie
