EIA’s report reveals bigger-than-expected advance in U.S. crude oil inventories
The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories jumped
by 2.927 million barrels in the week ended October 4. Economists had forecast a
gain of 1.900 million barrels.
At the same time, gasoline stocks declined by 1.213 million barrels, while analysts had expected a drop of 0.900 million barrels. Distillate stocks reduced by 3.943 million barrels, while analysts had forecast a decrease of 2.000 million barrels.
Meanwhile, oil production in the U.S. climbed by 200,000 barrels a day to 12.600 million barrels a day.
U.S. crude oil imports averaged 6.2 million barrels per day last week, down by 67,000 barrels per day from the previous week.
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