U.S. commercial crude oil stocks rose 4.5 million barrels during the week ended March 6, U.S. Energy Information Administration (EIA) data showed Wednesday. Analysts surveyed by Platts on Monday had expected crude oil stocks to increase 4.2 million barrels week over week. At 448.9 million barrels, inventories pushed further into record-high territory. Crude oil imports dropped sharply the week ended March 6, though stocks still built as production was estimated to have risen 42,000 barrels per day (b/d) to 9.366 million b/d. Daily crude oil output exceeded the year-ago level by 14.5%. Stocks at Cushing, Oklahoma, increased 2.3 million barrels, marking a return to large, weekly builds at the New York Mercantile Exchange (NYMEX) futures contract delivery point. In 2015, Cushing stocks averaged an increase of 2 million barrels each week through February. For the week ended February 27, however, Cushing inventory rose only 536,000 barrels, sparking debate as […]