Crude inventories rose by 6 million barrels in the week to October 5, compared with analysts' expectations for an increase of 2.6 million barrels. US crude added 28 cents to $71.25 a barrel.
The amount available will nearly certainly be tested in the coming months as USA sanctions take effect on Iran, which has already seen supplies fall to the lowest in more than two years, according to the report.
- Refinery runs fell 352 kbpd last week to 16.2 Mbpd, with the aggregate throughput decline reaching 1.6 Mbpd over the past four weeks.
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Stock markets in Asia plunged to a 19-month low on Thursday after Wall Street's worst losses in eight months led to broader risk aversion, a rise in market volatility gauges and concerns over overvalued stock markets in an environment of rapidly rising dollar yields.
Neil Atkinson, head of oil industry and markets division at the IEA, seemed amused as he hammered home his organization's findings; he told Bloomberg television that there has been "a very large increase" in supply from various producers ever since the USA sanctions against Iran were first announced, "so at the moment there's plenty of oil on the market"; but with issues such as lack of supply in Venezuela and other factors, "we are running very close to maximum capacity in the industry".
Wall Street extended its slide into a sixth session and a global equity index fell to a 1-year low on Thursday as investors feared an escalating US trade war with China and risks from a recent climb in interest rates. WTI is on track for a 3.5 percent decline this week. The contract lost 2.4 percent in the previous session.
Oil traders will watch for the weekly USA drilling rig count, an indicator of upcoming production, which is due at about 1 p.m. from Baker Hughes.
Worldwide oil prices saw sharp decreased on previous two trading sessions following tanking of stock markets and jump of commercial crude oil stockpiles in the United States in last week. Inventories at the key storage hub in Cushing, Oklahoma, have gained for a third straight week, while stockpiles in the Strategic Petroleum Reserve fell by 1.31 million barrels, the EIA said.