The U.S. Energy Information Administration (EIA) reported a rise in U.S. crude oil inventories by 1.9 million barrels to 465.7 million barrels for the week ending April 17, defying expectations of a 1.2-million-barrel decline. This increase comes as total U.S. exports reached a record high, driven by supply disruptions linked to the Iran conflict.
Additionally, crude oil inventories at the Cushing, Oklahoma delivery hub rose by 806,000 barrels. Despite the unexpected inventory build, oil prices increased, reflecting the market's response to the broader supply dynamics and export growth.
U.S. Crude Oil Inventories Rise Amid Record Export Levels
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