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- EIA’s report reveals decline in U.S. crude oil inventories
EIA’s report reveals decline in U.S. crude oil inventories
The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories
declined by 3.116 million barrels in the week ended July 12. Economists had
forecast a fall of 3.000 million barrels.
At the same
time, gasoline stocks increased by 3.565 million barrels, while analysts had
expected a drop of 2.400 million barrels. Distillate stocks surged by 5.686
million barrels, while analysts had forecast a decline of 1.000 million
barrels.
Meanwhile, oil
production in the U.S. decreased by 300,000 barrels a day to 12.000 million
barrels a day.
U.S. crude oil
imports averaged 6.8 million barrels per day last week, down by 470,000 barrels
per day from the previous week.
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