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- EIA’s report reveals bigger-than-expected climb in U.S. crude oil inventories
EIA’s report reveals bigger-than-expected climb in U.S. crude oil inventories
The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories jumped by 19.248 million barrels in the week ended April 10. Economists had forecast a surge of 11.676 million barrels.
At the same time, gasoline stocks climbed by 4.914 million barrels, while analysts had expected a gain of 6.386 million barrels. Distillate stocks surged by 6.280 million barrels, while analysts had forecast an increase of 1.437 million barrels.
Meanwhile, oil production in the U.S. reduced by 100,000 barrels a day to 12.300 million barrels a day.
U.S. crude oil imports averaged 5.7 million barrels per day last week, down by 194 thousand barrels per day from the previous week.
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