Combined EIA crude and product inventories increased over the week ending Jan. 29 by 12.9MM bbl to 916.8MM bbl. Crude oil stocks spiked 7.8MM bbl to a fresh record high of 502.7MM bbl, exceeding analysts' expectations for a 4.8MM-bbl build. The large increase was due in part to a hefty rise in imports and a decline in refinery throughput. Also, crude stocks held at the NYMEX WTI delivery point of Cushing, Oklahoma climbed 747K bbl to 64.17MM bbl.
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