US Oil Inventories Continue to Climb While Gasoline Inventories Shrink

Crude oil inventories in the United States increased by 6.9 million barrels during the week ending March 20, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 456.2 million barrels according to government data, which is 0.1% above the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories saw a build of 2.3 million barrels in the period.…