According to the Energy Information Administration (EIA), U.S. crude oil, gasoline, and distillate inventories experienced increases in the latest week as refiners boosted output amid relatively weak fuel demand. Crude inventories rose by 1.6 million barrels, contrasting with analysts' expectations for a decrease. The East Coast witnessed a rise in crude stockpiles to their highest level since January 2021. Refinery crude runs and utilization rates increased, contributing to the overall supply situation. Despite the inventory builds, Brent and West Texas Intermediate crude futures rose after the data release. Gasoline and distillate stocks also saw increases, with distillate stockpiles rising against forecasts for a drop. Despite the holiday contributing to lower fuel demand, crude imports fell during the week.

SOURCE: GOOGLE