The Energy Information Administration reported inventories had risen by 8.5 million barrels in the week to May 6.
This compared with an inventory build of 1.3 million barrelsestimated for the previous week, which provided a brief relief for prices.
In fuels, as distillate stocks reach a critically low level, the EIA reported inventory draws.
In gasoline, the authority estimated an inventory draw of 3.6 million barrels for the week to May 6. This compared with a draw of 2.2 million barrels during the previous week.
Truckers pay a pretty penny for diesel fuel in Oklahoma
Diesel fuel costs in Oklahoma continue to increase, reaching a new statewide average...
Diesel fuel costs in Oklahoma continue to increase, reaching a new statewide average this week of $5.28 a gallon. The average is still cheaper than the national average of $5.55 a gallon.
Triple-A reported Wednesday the new average was two cents more than one week ago. A year ago, the statewide average for diesel fuel was $2.91.
Nationwide prices rose 13 cents in the past week reaching the new average of $5.55 a gallon. A year ago, truckers paid an average of $3.12.
Norway to Ramp Up Offshore Wind in Drive to Go Green
Norway unveiled plans on May 11 for a major expansion in offshore wind energy by 2040,...
Norway unveiled plans on May 11 for a major expansion in offshore wind energy by 2040, aiming to turn a country that has built its wealth on oil and gas into an exporter of renewable electricity.
The center-left government, which has come under fire from environmentalists for continuing to support the oil and gas industry, set a target to develop 30 gigawatts (GW) of offshore wind capacity by 2040.
“This would nearly double our power output,” Prime Minister Jonas Gahr Stoere told a news conference.
MarketWatch: U.S. stocks bounce in choppy trade after CPI shows inflation slows less than expected
Major stock indexes were higher in choppy price action after an eagerly awaited consumer price...
Major stock indexes were higher in choppy price action after an eagerly awaited consumer price index reading showed U.S. inflation slowed less than expected in April.
The Dow Jones Industrial Average DJIA rose 263 points or 0.8%, to 32,423, after swinging between gains and losses after the opening bell.
The S&P 500 SPX was up 34 points, or 0.9%, at 4,035.
The Nasdaq Composite COMP ticked up 68 points, or 0.6%, to 11,806.
On Tuesday, the Dow industrials fell 0.3% to close at 32,160.74, a fourth straight day of losses that marked its largest four-day percentage decline since the stretch ending Oct. 29, 2020. The S&P 500 snapped a three-day losing streak with a gain of 0.2%, while the Nasdaq Composite advanced 1%.
