Market news
24.02.2021, 15:36

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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