Crude oil prices fell Wednesday as stocks in the U.S. increased in the past week, reported the government. But not in the Cushing hub in Oklahoma.
The U.S. Energy Information Administration recorded a gain of 4 million barrels since September 1. The total in storage was 420.6 million as of September 8, up from the 416.6 million cited at the start of the month. However, the most recent total is still 9 million less than the 429.6 million reported one year ago.
While the U.S. total grew in the past week, the amount held at the Cushing Hub fell by 1.6 million barrels. On September 1, Cushing held 27.4 million barrels of crude but the total dropped to 25 million barrels by September 8.
At the end of July, Cushing held 34.5 million barrels of crude oil.