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- EIA’s report reveals much- bigger-than-anticipated increase in U.S. crude oil inventories
EIA’s report reveals much- bigger-than-anticipated increase in U.S. crude oil inventories
The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories
increased by 7.929 million barrels in the week ended November 1. Economists had
forecast a gain of 2.000 million barrels.
At the same
time, gasoline stocks declined by 2.828 million barrels, while analysts had
expected a drop of 2.000 million barrels. Distillate stocks reduced by 0.622
million barrels, while analysts had forecast a decrease of 1.250 million
barrels.
Meanwhile, oil
production in the U.S. was unchanged at 12.600 million barrels a day.
U.S. crude oil
imports averaged 6.1 million barrels per day last week, down by 620,000 barrels
per day from the previous week.
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