U.S. crude inventories declined again last week as fuel production increased, boosting U.S. oil prices in the hours after the report’s release.
The amount of domestic commercial crude oil in reserve fell by 2 million barrels during the week ended Sept. 25, according to a report from the Energy Information Administration.
The decline in stockpiles helped push the price of U.S. crude to $40 a barrel, a threshold that oil prices have struggled to maintain in recent months.
At 12:30 p.m. central, West Texas Intermediate, the U.S. benchmark, was trading at $39.85.
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Demand for U.S. crude oil and fuel products has slowly increased during the three-week decrease in inventories. U.S. refineries also increased runs, processing an average of 13.7 million barrels of crude oil per day last week, an increase of 300,000 barrels per day compared with the previous week.
Refineries are operating at about 76 percent of capacity, according to the agency’s weekly report.
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October 01, 2020 at 12:30AM
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Crude inventories decline again, refineries increase runs - Houston Chronicle
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