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- EIA’s report reveals bigger-than-expected decline in U.S. crude oil inventories
EIA’s report reveals bigger-than-expected decline in U.S. crude oil inventories
EIA’s report
reveals bigger-than-expected decline in U.S. crude oil inventories
The U.S. Energy
Information Administration (EIA) revealed on Thursday that crude inventories decreased
by 4.771 million barrels in the week ended August 30. Economists had forecast a
drop of 2.000 million barrels.
At the same
time, gasoline stocks reduced by 2.396 million barrels, while analysts had
expected a decline of 1.750 million barrels. Distillate stocks fell by 2.538
million barrels, while analysts had forecast an increase of 0.400 million
barrels.
Meanwhile, oil
production in the U.S. decreased by 100,000 barrels a day to 12.400 million
barrels a day.
U.S. crude oil
imports averaged 6.9 million barrels per day last week, up by 976,000 barrels
per day from the previous week.
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