U.S. crude oil stockpiles increased for the first time in a month due to higher imports and rising production levels
Crude inventories surged by 4 million barrels during the week ending September 8, reaching a total of 420.6 million barrels
This increase in crude stockpiles exceeded analysts' expectations, as they had anticipated a 1.9 million-barrel decrease
Cushing, Oklahoma, saw a notable drop in crude stocks, down by 2.4 million barrels, reaching their lowest levels since December
However, the Gulf Coast import hub witnessed a significant rise in crude inventories, increasing by 7.3 million barrels
Net U.S. crude imports hit a high of 4.5 million barrels per day, the highest rate since January 2022, with imports alone reaching 7.6 million barrels per day
Crude oil production increased by 100,000 barrels per day, reaching 12.9 million barrels per day, a level last seen in March 2020 before the onset of the COVID-19 pandemic
Despite a brief dip in oil prices following the data release, Brent crude futures later recovered, trading at $92.42 a barrel, and U.S. crude rose to $89.26
Refinery crude runs reached their highest levels since January 2022, rising by 177,000 barrels per day to 16.8 million barrels per day