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- EIA’s report reveals smaller-than-expected drop in U.S. crude oil inventories
EIA’s report reveals smaller-than-expected drop in U.S. crude oil inventories
The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories
declined by 1.085 million barrels in the week ended June 28. Economists had
forecast a fall of 3.000 million barrels.
At the same
time, gasoline stocks decreased by 1.583 million barrels, while analysts had
expected a drop of 2.400 million barrels. Distillate stocks rose by 1.408
million barrels, while analysts had forecast a decline of 1.250 million
barrels.
Meanwhile, oil
production in the U.S. increased by 100,000 barrels a day to 12.200 million
barrels a day.
U.S. crude oil averaged
7.6 million barrels per day last week, up by 929,000 barrels per day from the
previous week.
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