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22.05.2019 22:35

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 surged by 4.740 million barrels in the week ended May 17. Economists had forecast a decrease of 1.700 million barrels.

At the same time, gasoline stocks surged by 3.716 million barrels, while analysts had expected a drop of 0.850 million barrels. Distillate stocks rose by 0.768 million barrels, while analysts had forecast a decrease of 0.500 million barrels.

Meanwhile, oil production in the U.S. increased by 100,000 barrels a day to 12.200 million barrels a day.

U.S. crude oil imports averaged 6.9 million barrels per day last week, down by 669,000 barrels per day from the previous week.


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