The U.S. saw a slight buildup of its crude oil stocks in the past week while the Cushing Hub in Oklahoma experienced a decline.
The U.S. Energy Information Administration reported the nation’s crude stocks grew by 1.4 million barrels from 429.3 recorded on August 2 to 430.7 million barrels as of August 9. The latest recorded total is still below the 433 million barrels as of late July and 7.8 million barrels less than late June.
The Cushing Hub recorded a decline of 1.6 million barrels, falling from 30.4 million barrels on August 2 to 28.8 mililion barrels a week later. Cushing held 34.2million barrels in late June and fell to 29.9 million barrels a week later.