Crude oil stocks rise in US while refined products decline

Commercial crude oil inventories in the United States rose by 1.93 million barrels over the past week, reaching 465.7 million barrels, the US Department of Energy said.

At the same time, gasoline inventories declined by 4.57 million barrels, while distillate stocks fell by 3.43 million barrels.

Analysts surveyed by Trading Economics had expected a decrease of 1.2 million barrels in crude oil inventories, a 1.5 million barrel drop in gasoline stocks, and a 2.5 million barrel decline in distillates.

Inventories at the Cushing storage hub, where oil traded on the NYMEX exchange is stored, increased by 806,000 barrels.

By Vafa Guliyeva