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- EIA’s report reveals a surprise decline in U.S. crude oil inventories
EIA’s report reveals a surprise decline in U.S. crude oil inventories
The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories fell
by 1.699 million barrels in the week ended October 18. Economists had forecast
a gain of 3.000 million barrels.
At the same
time, gasoline stocks declined by 3.107 million barrels, while analysts had
expected a drop of 2.238 million barrels. Distillate stocks reduced by 2.715
million barrels, while analysts had forecast a decrease of 2.723 million
barrels.
Meanwhile, oil
production in the U.S. was unchanged at 12.600 million barrels a day.
U.S. crude oil
imports averaged 5.9 million barrels per day last week, down by 438,000 barrels
per day from the previous week.
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