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- EIA’s report reveals an unexpected increase in U.S. crude oil inventories
EIA’s report reveals an unexpected increase in U.S. crude oil inventories
The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories
increased by 1.572 million barrels in the week ended November 22. Economists
had forecast a drop of 0.878 million barrels.
At the same
time, gasoline stocks surged by 5.132 million barrels, while analysts had
expected a gain of 0.800 million barrels. Distillate stocks rose by 0.725
million barrels, while analysts had forecast an increase of 0.800 million
barrels.
Meanwhile, oil
production in the U.S. climbed by 100,000 barrels a day to 12.900 million
barrels a day, which is a record high.
U.S. crude oil
imports averaged 6.2 million barrels per day last week, up by 217,000 barrels
per day from the previous week.
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