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- EIA’s report reveals an unexpected decrease in U.S. crude oil inventories
EIA’s report reveals an unexpected decrease in U.S. crude oil inventories
The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories fell
by 0.876 million barrels in the week ended March 26, following a build of 1.912
million barrels in the previous week. Economists had forecast a gain of 0.107
million barrels.
At the same
time, gasoline stocks decreased by 1.735 million barrels, while analysts had
expected an advance of 0.730 million barrels. Distillate stocks jumped by 2.542
million barrels, while analysts had forecast an increase of 0.171 million
barrels.
Meanwhile, oil
production in the U.S. grew by 100,000 barrels a day to 11.100 million barrels
a day.
U.S. crude oil
imports averaged 6.1 million barrels per day last week, increased by 0.5
million barrels per day from the previous week.
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