US crude oil stockpiles rose unexpectedly for a second week in row as refineries cut output last week, while fuel inventories posted surprise drawdowns with gasoline demand hitting a record high, the Energy Information Administration said on Wednesday.
Crude inventories rose by 1.6 million barrels in the week to August 9, compared with analysts’ expectations in a Reuters poll for a decrease of 2.8 million barrels. At 440.5 million barrels, inventories were about 3% above the five-year average for this time of year, the EIA said in its weekly report.
Crude stocks at the Cushing, Oklahoma, delivery hub for US crude futures fell 2.5 million barrels, the EIA said.
