US crude stockpiles jump as net imports drop sharply, DoE says
Crude oil inventories in the US saw an unexpected build last week, as net imports reversed direction.
During the week ending on 1 June, oil stockpiles, excluding those in the Strategic Petroleum reserve, increased by 2.1m barrels to reach 436.6m, according to the Energy Information Administration, the Department of Energy's statistical arm.
It came alongside a 4.6m barrel jump in those of gasoline, while those of distillate fuels rose by 2.2m barrels.
Boosting inventories, net imports jumped by 1.18m barrels a day to reach 6.632m b/d, the EIA said.
Within that, exports declined by 465,000 to 1.714m b/d.
Domestic production also increased, increasing by 31,000 b/d to hit 10.8m b/d.
Refineries operated at 95.4% of capacity last week.
As of 1555 BST, front month West Texas Intermediate crude oil futures were off by 0.762% at $74.81 a barrel on the ICE.