The nation’s amount of crude oil stocks declined in the past week while the total held in storage at Oklahoma’s Cushing Hub increased.
The latest U.S. Energy Information Administration report on crude stocks showed Cushing increased its total in crude oil by 700,000 barrels. The report showed Cushing held 25.4 million barrels as of Oct. 25, up from the 24.7 million barrels stored in the previous week.
The U.S. total declined 1.5 million barrels, from 426 million barrels during the week of Oct. 18 to 425.5 million barrels in the most reporting week.
Since the first reported week in October, the U.S. saw a gain of 5 million barrels of crude oil.