U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.3 million barrels from the previous week. At 490.3 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year.

Total motor gasoline inventories increased by 0.7 million barrels last week, and are well above the upper limit of the average range. Finished gasoline inventories decreased while blending components inventories increased last week.

Distillate fuel inventories increased by 0.3 million barrels last week and are well above the upper limit of the average range for this time of year. Propane/propylene inventories rose 1.2 million barrels last week and are near the upper limit of the average range. Total commercial petroleum inventories increased by 7.1 million barrels last week.

This morning, the New York futures for Brent dropped 0.62% to $ 46.66 and WTI fell 0.63% to $ 45.52 per barrel. Thus, the black gold is trading lower, correcting after the recent rally. Oil rose yesterday because OPEC members are preparing to renew the efforts for reaching a production cut.

(raw materials / closing price /% change)

Oil 45.75-0.13%

Gold 1,228.40+0.32%