U.S. Crude Oil Inventories Hit Record Last Week: EIA

By Myra P. Saefong Markets MarketWatch Pulse

The U.S. Energy Information Administration on Wednesday reported a sixth straight weekly increase in crude-oil supplies, lifting total commercial inventories to a record weekly level, based on data going back to 1982. Crude stockpiles rose 9.5 million barrels to total 518.1 million barrels for the week ended Feb. 10, the EIA said. The previous record was at roughly 512.1 million barrels for the week ended April 29, 2016. The American Petroleum Institute late Tuesday reported a 9.9 million-barrel climb for crude supplies, according to sources, while analysts polled by S&P Global Platts forecast a climb of 3.25 million barrels. Gasoline supplies rose by 2.8 million barrels, while distillate stockpiles were down 700,000 barrels last week, according to the EIA. March crude fell 24 cents, or 0.5%, at $52.96 a barrel on the New York Mercantile Exchange. It was trading at $53.13 before the supply data.

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