Crude oil stocks rose in the past week both at the Cushing Hub in northern Oklahoma and also across the U.S. and the latest figures could have an impact on crude oil prices.
The U.S. Energy Information Administration reported Cushing saw a gain of 1.7 million barrels of oil from Dec. 8 to Dec. 15 when it reached a total of 32.5 million barrels. Cushing has seen gradual increases since November.
The EIA reported Cushing held 23.1 million barrels of crude oil in early November. Its latest total is also 7.3 million barrels more than a year ago when it held 25.2 million barrels.
Nationally, the total grew by nearly 3 million barrels. It increased from 440.8 million barrels on Dec. 8 to 443.7 million barrels as of Dec. 15.
In early November, the U.S. crude stocks totaled 435.8 million barrels. The nation saw a gain of 15.5 million barrels of crude since Dec. 16 of last year.