US Crude Oil Inventories Rise Despite Market Expectations

US crude oil inventories have seen a minor increase of 0.2% for the week ending September 25, according to data released by the Energy Information Administration (EIA). This translates to an addition of approximately 900,000 barrels, bringing total commercial stock levels to around 427.3 million barrels.

Market expectations had forecasted a decrease of about 700,000 barrels, making this development somewhat unexpected. Meanwhile, strategic petroleum reserves saw a decline by roughly 800,000 barrels to 283.8 million barrels during the same period.

The EIA's data also indicates that US crude oil production has increased, reaching approximately 13.95 million barrels per day (bpd) for the week ending September 25. This marks a rise of 16,000 bpd from the previous reporting period.