US weekly oil inventories data showed an unexpected rise in all major categories; As expectations indicated a decrease in inventories.

US Energy Information Administration data revealed a strong increase in crude oil inventories by 1.825 million barrels, while expectations had indicated a decrease of about 2.4 million barrels.

Crude oil inventories at the delivery center in Cushing, Oklahoma, rose by 1.3 million barrels during the week. The data also showed an increase in crude consumption in refineries by 227 thousand barrels per day, and an increase in the refinery operating rate by 1.3%.

Contrary to expectations, gasoline inventories fell less than expected; It decreased by 900 thousand barrels and became 226.8 million compared to expectations of a decrease of 700 thousand barrels. On the other hand, inventories of distillate products, which include diesel and heating oil, rose by 400 thousand barrels during the week until they reached 116.7 million, while expectations indicated a decrease of 400 thousand barrels. .

Net US imports of crude oil decreased by 676 thousand barrels per day, and oil prices fell during yesterday’s trading, Wednesday, amid fears that interest rates in the United States will continue to rise to reduce inflation. Which may affect the demand for oil in the world's largest oil consumer.

It is noteworthy that American monetary policy makers have indicated the necessity of continuing to raise interest rates for a longer period. To ensure that inflation returns to its target levels.