Crude oil imports averaged 6.5 million bpd, mostly unchanged from the previous week. Over the past four weeks, crude oil imports averaged 6.6 million bpd.
Strategic Petroleum Reserve increased from 364.2 million barrels to 364.9 million barrels as U.S. continued to buy oil for reserves despite rising oil prices.
Domestic oil production remained unchaged at 13.1 million bpd. Interestingly, U.S. oil producers are unable to raise production despite favorable market environment.
WTI oil pulled back towards the $84.00 level as traders focused on rising crude inventories. Today, traders will also stay focused on the situation in the Middle East. Israeli Prime Minister Benjamin Netanyahu has recently said that the country would make its own decisions on how to defend itself, raising worries about additional escalation. However, oil markets are moving lower, and traders bet that oil supplies would not be disrupted despite rising tensions between Israel and Iran.
Brent oil settled below the $89.50 level amid a broad pullback in the oil markets.
For a look at all of today’s economic events, check out our economic calendar.
