Commercial crude oil reserves rose massively in the U.S., despite increased refinery utilization and higher exports. However, this increase had only a limited impact on oil prices.

Oil prices fell on Wednesday, erasing any gains made since the voluntary OPEC+ production cuts, as investors focused on recession fears rather than falling U.S. inventories.

U.S. commercial crude oil inventories unexpectedly and significantly declined last week, mainly due to an increase in demand. Commercial reserves fell by 5.1 million barrels, beating analysts' forecasts, while gasoline inventories fell by 2.4 million barrels.

U.S. crude oil inventories unexpectedly fell by 4.6 million barrels last week. However, gasoline deliveries declined, resulting in a 1.3 million barrel increase in gasoline inventories.

Commercial crude oil reserves unexpectedly rose slightly last week in the United States, according to the U.S. Energy Information Agency (EIA). This moderate increase follows two weeks of massive reductions in U.S. crude inventories.

Commercial crude oil supplies continue to fall in the U.S. due to strong demand for refined products, dropping 3.7 million barrels last week, while demand for gasoline and distillates remains strong.

Crude Oil reserves unexpectedly fell in the U.S. last week, due in part to increased refinery activity, while demand for oil strengthened with a 2.2% week-over-week increase and record gasoline demand.