The U.S. Energy Information Administration reported a weekly crude stock build, while gasoline and distillate supplies fell, exports hit a record, and Cushing crude inventories also increased.
The U.S. Energy Information Administration said U.S. crude oil inventories increased by 1.9 million barrels to 465.7 million barrels in the week ended April 17. Gasoline and distillate inventories fell, indicating tighter supplies in refined products, while total U.S. exports reached a record level. The report also showed that crude stocks at Cushing, Oklahoma, rose by 806,000 barrels. Despite the increase in overall crude inventories, oil prices moved higher, suggesting the market focused more on falling fuel inventories and strong exports than on the headline crude build.