According to the Energy Information Administration, U.S. crude stocks unexpectedly increased last week as a result of refiners’ slow recovery from a cold freeze that forced them to halt operations.
In the week ending January 6, crude oil inventories increased by 19 million barrels to 439.6 million barrels. Reuters polled analysts, who predicted a decrease of 2.2 million barrels.
It was the third-largest increase on record and the largest weekly build since February 2021.
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