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- EIA’s report reveals bigger-than-expected drop in U.S. crude oil inventories
EIA’s report reveals bigger-than-expected drop in U.S. crude oil inventories
The U.S. Energy
Information Administration (EIA) revealed on Thursday that crude inventories fell
by 3.818 million barrels in the week ended October 9. Economists had forecast a
drop of 3.387 million barrels.
At the same
time, gasoline stocks decreased by 1.626 million barrels, while analysts had
expected a decline of 1.607 million barrels. Distillate stocks tumbled by 7.244
million barrels, while analysts had forecast a drop of 2.096 million barrels.
Meanwhile, oil
production in the U.S. plunged by 500,000 barrels a day to 10.500 million
barrels a day.
U.S. crude oil
imports averaged 5.3 million barrels per day last week, down by 447,000 barrels
per day from the previous week.
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