Oil Closes at 1-Month High as Refinery Boost Offsets Supply Gain
- U.S. crude supply rises to record 535.5 million barrels: EIA
- Refineries operated at highest rate since December last week
This article is for subscribers only.
Crude closed at the highest level in almost one month as concern over record U.S. stockpiles was offset by speculation that rising refinery demand will curb supply in coming weeks.
Supplies rose to 535.5 million, the most in weekly data going back to 1982, the U.S. Energy Information Administration said Wednesday. Refineries operated at 90.8 percent of capacity, up 1.5 percentage points from the prior week and the highest since January. Refiners typically increase crude processing at this time of year as they prepare for the summer surge of gasoline demand.