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- EIA’s report reveals a larger-than-expected decline in U.S. crude oil inventories
EIA’s report reveals a larger-than-expected decline in U.S. crude oil inventories
The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories
decreased by 4.856 million barrels in the week ended November 29. Economists
had forecast a drop of 1.500 million barrels.
At the same
time, gasoline stocks surged by 3.385 million barrels, while analysts had
expected an increase of 1.750 million barrels. Distillate stocks climbed by 3.063
million barrels, while analysts had forecast an advance of 0.250 million
barrels.
Meanwhile, oil
production in the U.S. was unchanged at 12.900 million barrels a day.
U.S. crude oil
imports averaged 6.0 million barrels per day last week, down by 201,000 barrels
per day from the previous week.
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