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US inventories jump raises oil prices

oil prices

Oil prices fell, on Wednesday, after industry data reported a significant increase in United States’ crude and distillate inventories.

The United States is the largest consumer of oil in the world, with mounting pressure on the Organization of Petroleum Exporting Countries (OPEC) to increase supplies.

Brent crude futures fell 98 cents, or 1.2%, to $83.74 a barrel during trading.

US West Texas Intermediate crude futures were not better than the first, as they also fell $1.32, or 1.6%, to $82.59 a barrel.

“Crude oil lower as pressure mounted on OPEC to boost output. U.S. President Biden led calls from major economies for the group to increase production beyond what has already been agreed,” analysts from ANZ said in a note on Wednesday.

Meanwhile, market sources, citing figures from the American Petroleum Institute, said on Tuesday that US crude oil and distillate inventories rose last week, while gasoline stocks fell.

According to the sources, the data showed that crude stocks increased by 3.6 million barrels over the week ending October 29, while distillate stocks, which include diesel and heating oil, rose 552,000 barrels. Gasoline stocks fell 573,000 barrels.

Analysts polled by Reuters had expected US crude inventories to rise last week.

The Energy Information Administration, the statistical arm of the US Department of Energy, will release its inventory data later today.

In a sign that higher prices are encouraging increased supplies elsewhere, BP said on Tuesday it would increase its investment in the US onshore shale oil and gas business to $1.5 billion in 2022 from $1 billion this year.

Oil rose to its highest level in several years last week, supported by the recovery in demand after the Coronavirus pandemic, and the adherence of the OPEC, and its allies led by Russia (OPEC+), to gradual monthly increases in production of 400,000 barrels per day, despite calls by major consumers to pump more of oil.

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