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- EIA’s report reveals a surprise increase in U.S. crude oil inventories
EIA’s report reveals a surprise increase in U.S. crude oil inventories
The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories rose by 1.285 million barrels in the week ended February 19. Economists had forecast
a decline of 5.190 million barrels.
At the same
time, gasoline stocks edged up 0.012 million barrels, while analysts had
expected a plunge of 3.062 million barrels. Distillate stocks declined by 4.969
million barrels, while analysts had forecast a decrease of 3.746 million
barrels.
Meanwhile, oil
production in the U.S. tumbled by 1.100 million barrels a day to 9.700 million
barrels a day.
U.S. crude oil
imports averaged 4.6 million barrels per day last week, decreased by 1.3
million barrels per day from the previous week.
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