The nation’s crude oil stocks recorded a gain of more than 5 million barrels of oil in the past week, according to an announcement by the U.S. Energy Information Administration.
The total storage soared from 420.5 million barrels recorded on Oct. 11 to 426 million barrels as of Oct. 18, a gain of 5.5 million barrels of crude oil.
The Cushing Hub in northern Oklahoma saw a drop of 300,000 bararels, from 25 million barrels as of Oct. 11 to 24.7 million barrels the week of Oct. 18. The latest report from Cushing also showed its crude stocks were also down 200,000 barrels since the week of Oct. 4.