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- EIA’s report reveals smaller-than-expected decline in U.S. crude oil inventories
EIA’s report reveals smaller-than-expected decline in U.S. crude oil inventories
The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories
dropped by 0.562 million barrels in the week ended December 18. Economists had
forecast a decline of 3.186 million barrels.
At the same
time, gasoline stocks fell by 1.125 million barrels, while analysts had
expected a gain of 1.210 million barrels. Distillate stocks plunged by 2.325
million barrels, while analysts had forecast a decrease of 0.904 million
barrels.
Meanwhile, oil
production in the U.S. remained unchanged at 11.000 million barrels a day.
U.S. crude oil
imports averaged 5.6 million barrels per day last week, up by 140,000 barrels
per day from the previous week.
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