The amount of crude oil in storage at the Cushing Hub in northern Oklahoma and across the U.S. increased in the past week, according to a new report from the U.S. Energy Information Administration.
Cushing’s oil stocks rose 2.1 million barrell from 31.4 million on March 15 to 33.5 million as of March 22, reported the EIA. The amount of crude in storage was down to 28.8 million barrels in early February.
Across the U.S., the gain was 3.2 million barrels. It increased from 445 million barrels as of March 15 to 448.2 million barrels reported on March 22.
A year ago, the U.S. crude oil stocks totaled 473.7 million barrels.
