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Weekly inventories of crude oil and gasoline in U.S increased

Baku, January 26, AZERTAC

Weekly inventories of crude oil and gasoline in the U.S. increased, the country's Energy Information Administration (EIA) announced Wednesday.

Crude oil stocks rose by 2.8 million barrels, or 0.6 percent, to reach 488.3 million barrels for the week ending Jan. 20, from the previous week.

Gasoline inventories increased by 6.8 million barrels, or 2.8 percent, to reach 253.2 million barrels during the same period.

The rise in crude inventories is a result of lower demand from American refineries, which often go under maintenance during the first two months of a year when demand is low due to the winter season.

The U.S.' oil production increased slightly, by 17,000 barrels per day (bpd), to reach 8.96 million bpd for the week ending January 20, the EIA figures showed.

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