Crude oil inventories increased again in the recent week, according to the latest report released Wednesday by the Energy Information Administration. Stocks rose for a sixth straight week.
On the data, crude oil prices turned into negative territory. Light sweet crude dropped 15 cents to $49.25 after earlier hitting as high as $50.79.
U.S. commercial crude oil inventories increased by 5.6 million barrels for the week ended April 10, according to the EIA report. Experts were looking for a build of 2.5 million barrels.
At 366.7 million barrels, U.S. crude oil inventories are above the upper boundary of the average range for this time of year. Crude oil stockpiles in Cushing, Okla. fell to 29.2 million barrels, compared to 30 million in the previous week.
Total motor gasoline inventories decreased by 900,000 barrels last week, which is generally in-line with analysts' expectations of a 960,000 drop.
Distillate fuel inventories decreased by 1.2 million barrels. Propane/propylene inventories increased by 1.1 million barrels last week. Total commercial petroleum inventories increased by 8.2 million barrels last week, and are above the upper limit of the average range for this time of year.
Over the last four weeks, motor gasoline demand has averaged 9.0 million barrels per day, down by 0.4% from the same period last year. Distillate fuel demand was down by 6.7% from the same period last year and jet fuel demand fell 6.9%.
On Tuesday evening, the American Petroleum Institute reported a build in crude inventories of 6.5 million barrels for the week ended April 10. The API report is not as closely-watched by traders as participation is voluntary.
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