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- EIA’s report reveals bigger-than-expected drop in U.S. crude oil inventories
EIA’s report reveals bigger-than-expected drop in U.S. crude oil inventories
The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories declined
by 3.106 million barrels in the week ended June 14. Economists had forecast a
decrease of 1.250 million barrels.
At the same
time, gasoline stocks decreased by 1.692 million barrels, while analysts had
expected an increase of 0.477 million barrels. Distillate stocks fell by 0.551
million barrels, while analysts had forecast an advance of 0.377 million
barrels.
Meanwhile, oil
production in the U.S. decreased by 100,000 barrels a day to 12.200 million
barrels a day.
U.S. crude oil
imports averaged 7.5 million barrels per day last week, down by 144,000 barrels
per day from the previous week.
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