US Crude Stockpiles Build Amid Strong Demand

A recent report from the U.S. Energy Information Administration (EIA) shows that commercial crude stockpiles in the United States grew by 3 million barrels to 426.4 million barrels, pushing U.S. inventories 2% above the five-year average.

The increase brings some relief to markets as total products supplied, a proxy for U.S. oil demand, averaged 20.6 million barrels per day over the last four weeks, up 0.5% compared to the same period last year.

Crude futures rallied despite the build, with Brent climbing to $101.40 and WTI reaching $92.00 amid strong overall demand.