U.S. Crude Oil Inventory Rises to 465.7M Barrels; Total Exports Hit Record High Amid Iran Tensions

Gate News message, April 22 — The U.S. Energy Information Administration (EIA) reported Wednesday that crude oil inventories increased by 1.9 million barrels to 465.7 million barrels in the week ending April 17, against expectations of a 1.2 million barrel decline. Gasoline and refined fuel inventories, however, declined during the same period.

Crude inventories at the Cushing, Oklahoma delivery hub rose by 806,000 barrels. Despite the unexpected inventory build, oil prices still posted gains. The EIA attributed record-high U.S. export volumes to supply disruptions stemming from tensions involving Iran.