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  • Crude oil stocks in the US increased by 19.2 million barrels. 
  • WTI trades deep in the negative territory below $20.

Commercial crude oil inventories in the United States increased by 19.2 million barrels in the week ending April 10th, the Energy Information Administration announced in its Weekly Petroleum Status Report on Wednesday. This reading came in much higher than the market expectation for a buildup of 11.6 million barrels.

Market reaction

The barrel of West Texas Intermediate extended its daily slide and was last seen trading at $19.75, erasing 4.5% on a daily basis.

Additional takeaways

“US crude oil refinery inputs averaged 12.7 million barrels per day during the week ending April 10, 2020 which was 1.0 million barrels per day less than the previous week’s average.”

“Total products supplied over the last four-week period averaged 16.4 million barrels a day, down by 18.5% from the same period last year.”

“Over the past four weeks, motor gasoline product supplied averaged 6.4 million barrels a day, down by 31.6% from the same period last year.”