Oil prices pump higher, WTI knocks on $69.00 despite rising US stockpiles

• Demand for fossil fuels is struggling to eat up current production levels, but oil markets are hoping for things to even out.
• The amount of oil being imported into the US rose 2.2 million bpd this week, while US oil capacity also increased as American fossil companies hit new record production highs.

Crude oil prices knocked higher on Wednesday as consumption indicators signal that demand for crude is on the rise, and WTI kicked higher to 68.96 despite a continuing buildup in US inventories.

US crude oil production hit 11 million barrels per day, and the US Energy Information Administration (EIA) showed that American crude oil stocks rose by 5.8 million barrels in the previous week, and net crude imports into the US also lifted by 2.2 million per day. US production continues to climb, and imports of foreign crude are also on the rise, potentially risking another future logjam in American inventories. 

Despite the climb in available oil, crude prices lifted on Wednesday in the news that imported oil numbers were on the rise, and traders are opting to believe that domestic demand will continue to grow over time, eating away at the current surplus that is once again building as US crude producers pump out barrels faster than their customers can buy them.

WTI Levels to watch

Oil prices have been in decline from a recent peak at 75.35, bottoming out at 67.25, and the late-day surge on rising crude imports saw WTI barrels take a swipe at the 69.00 level, though continued reports of inventory pileup for the US could easily see crude costs back on the downside, pushing into June's lows near 63.50.