Washington: Commercial oil reserves in the US increased by 8,664 thousand barrels, reaching a total of 423,790 thousand barrels. This development was detailed in a report published by the Energy Information Administration (EIA) under the US Department of Energy.

According to Azeri-Press News Agency, analysts had previously forecasted a smaller increase in US commercial oil reserves, anticipating a rise of only 2,400 thousand barrels. The updated figures significantly surpass these expectations.

It is important to note that the information on US oil reserves plays a crucial role in influencing the price of oil on the global market. The larger-than-expected increase in reserves may have implications for the pricing dynamics of “black gold” internationally.