Crude Oil Market Condition
U.S. oil production hit a new high last week, holding 10 million barrels a day, and accelerating oil prices.
In the week to March 23, U.S. inventories of commercial crude rose by 164.3m barrels, more than the expected increase of 850,000 barrels a day and a drop of 2.62m b/d, according to EIA, the us energy information administration.In the last five weeks, there has been an increase in the original oil depot.
Inventories in U.S. oil futures delivery basement hin 1.804 million barrels, the biggest weekly rise since March 2017, and since December last year for three weeks, and significantly higher than the previous value of the growth of 905000 barrels of oil.
Gasoline inventories continued to fall by 3.472 million barrels, far exceeding the expected drop of 2.376 million barrels and the previous drop of 16.93 million barrels.Refining inventories, which include diesel and heating oil, fell by 20.9 million barrels, or 2.2m b/d and 2.2m b/d.