EIA reports significant build in US crude stockpiles

US crude oil inventories increased by 3.9 million barrels in the week ending September 5, reaching 424.6 million barrels.

Crude oil inventories in the United States increased by 3.9 million barrels during the week ending September 5, after falling 2.4 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 424.6 million barrels according to government data, which is 3% below the five-year average for this time of year.

The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories expanded by a more modest 1.25 million barrels.

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Source: Oil Price

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