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- US crude oil inventories fall less than expected
US crude oil inventories fall less than expected
The U.S. Energy Information Administration (EIA) reported that crude inventories fell by 1.527 million barrels to 481.9 million barrels in the week ended July 28. Economists had forecast a decline of 2.8 million barrels. At the same time, gasoline stocks decreased by 2.517 million barrels to 227.7 million barrels, while analysts had expected a drop of 636,000 barrels. Distillate stocks reduced by 150,000 barrels to 149.4 million barrels last week, while analysts had forecast a fall of 525,000 barrels. Meanwhile, oil production in the U.S. rose to 9.430 million barrels per day versus 9.410 million barrels per day in the previous week. U.S. crude oil imports averaged about 8.3 million barrels per day last week, up by 209,000 barrels per day from the previous week.
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