Oil is falling sharply after a large increase in US inventories

Prices drop to their lowest level in 45 days


Official data showed a rise in excess of expectations for US crude inventories, by 4.3 million barrels last week, pushing crude oil prices to decline sharply.

The Energy Information Center administration said that US commercial crude oil inventories rose to 492.4 million barrels in the week ending on October 23, from 488.1 million barrels in the previous week.

The increase in US crude inventories came far behind analysts’ expectations, an increase of only 1.2 million barrels


On the other hand, gasoline stocks fell by 0.9 million barrels last week, and distillate stocks, which include diesel and heating fuel, decreased by 4.5 million barrels.

According to the new data, the consumption of crude oil by US refineries increased by 363 thousand barrels per day, reaching an average of 13.4 million barrels per day during the past week.

The Energy Information Center management said that the refineries operated at a rate of 74.6 percent of their operating capacity last week.

Crude prices plunged more than 5 percent, Wednesday, as fears of a glut of supply grew at a time when demand suffers a contraction due to the Corona pandemic.

Brent crude fell below $ 40 a barrel, and US crude fell to less than $ 38 a barrel, recording their lowest price in a month and a half

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