US oil stocks remain at 80-year highs

Oil stocks were at 80-year highs for this time of year last week, according to government figures.

US commercial crude oil inventories grew by 4.0m barrels a day over the five days ending on 25 September to reach 457.9m barrels, according to the Energy Information Administration, the Department of Energy’s statistical arm.

Separately, gasoline inventories jumped by 3.3m barrels while those of distillate fuels decreased by 0.3m barrels.

Oil imports rose by 378,000 per day last week from the previous week, averaging about 7.6m barrels per day.

As of 15:45 front month crude futures were gaining 1.43% to reach $48.93 per barrel in NYMEX trading.