Oil Futures Spike To $53.70 On Unsmooth Petroleum Inventory Buildup Of 6.5 1000000 Barrels



Crude oil futures spiked higher upwards yesterday’s high of $53.56 this morning, hitting a high of $53.70 every bit weekly stone oil information showed an increase inwards unsmooth oil inventories of 6.5 1 yard m barrels for the calendar week ending Jan 27, 2017.
“At 494.8 1 yard m barrels, U.S. of A. unsmooth oil inventories are well-nigh the upper boundary of the average hit for this fourth dimension of year.”
Additionally, the U.S. of A. Energy Information Administration stated inwards their report that commercial stone oil inventories every bit good rose final calendar week past times 5.3 1 yard m barrels.



Key highlights from the report:

-Crude oil refinery inputs averaged over 15.9 1 yard m barrels per day.
-Refineries operated at 88.2% of their operable capacity.
-Gasoline production averaged 9.1 1 yard m barrels per day.
-Distillate fuel production averaged 4.7 1 yard m barrels per day.

Oil Image credit: ccPixs.com

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