US oil stocks build as crude imports rise, fuel demand weakens: EIA
gasoline and distillate demand weakened, the Energy Information Administration (EIA) said on Wednesday.
Crude inventories rose by 833,000 barrels to 419.1 million barrels in the week ending Sept. 6, the EIA said, compared with analysts' expectations in a Reuters poll for a 987,000-barrel rise.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.7 million barrels in the week.
Crude benchmarks pared gains after the data. Brent was up by 0.7% and U.S. oil futures gained 1% by 11:30 a.m. EDT (1530 GMT). Both had gained $1 earlier in the session.
Net U.S. crude imports rose by 1.5 million barrels per day to their highest since June, while crude exports fell by 451,000 bpd to 3.31 million bpd to their lowest level also since June.
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«The import figure can be volatile from a week-to-week basis, and could be a reflection of what's going on with shipping on the Gulf Coast,» said Andrew Lipow, president of Lipow Oil
