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- EIA’s report reveals another unexpected jump in U.S. crude oil inventories
EIA’s report reveals another unexpected jump in U.S. crude oil inventories
The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories climbed
by 13.798 million barrels in the week ended March 5, following a record build
of 21.563 million barrels in the previous week. Economists had forecast a gain
of 0.816 million barrels.
At the same
time, gasoline stocks tumbled 11.869 million barrels, while analysts had
expected a decline of 3.467 million barrels. Distillate stocks plunged by 5.504
million barrels, while analysts had forecast a drop of 3.533 million barrels.
Meanwhile, oil
production in the U.S. surged by 900,000 barrels a day to 10.900 million
barrels a day.
U.S. crude oil
imports averaged 5.7 million barrels per day last week, decreased by 0.6
million barrels per day from the previous week.
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