US oil inventories are still at an 80-year high

Oil barrels

The build in US crude oil slowed last week.

The latest data from the Energy Information Administration showed that commercial crude inventories rose by 1.9 million barrels in the week ended April 24.

The consensus forecast was for a build of 3.3 million barrels.

That brought the total to 490.9 million barrels, keeping inventories at the highest level for this time of year in at least 80 years.

Last week, oil inventories rose by 5.3 million barrels from the previous period, more than the consensus forecast of 3.2 million barrels.

West Texas Intermediate crude oil rose by more than 1% to as high as $US57.81 per barrel, the most in nearly a week.

Oil prices have held above $US50 through April.

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