Oil Falls as Inventory Gained More than Expected

According to the DOE/EIA weekly report, total crude oil and petroleum products stocks declined -4.44 mmb to 1053.60 mmb in the week ended March 9. Crude stockpile increased +1.75 mmb to 347.45 mmb as stocks gained in 3 out of 5 PADDs. Cushing stock soared +2.52 mmb to 38.70 mmb. Utilization rate decreased -1.2% to 82.7%.

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Oil Falls as Inventory Gained More than Expected