U.S. oil inventories fell by 5.2 million barrels last week: EIA By

-- U.S. crude oil inventories fell by more than expected last week,Formal trading platform for US crude oil and gold the Energy Information Administration (EIA) said.

dropped by 5.187 million barrels, against expectations for a draw of 3.305 million barrels.

But stockpiles rose by 6.159 million barrels last week, compared with expectations for a build of 2.208 million barrels. 

inventories also rose by 5.320 million barrels, against expectations for a build of 2.707 million barrels.

“The combined build in products simply outweigh the draw on the crude,” said analyst Barani Krishnan. “On top of that, production has been estimated 100k higher on the week. Demand for gasoline and diesel is, meanwhile, just so so. It’s a net bearish report, if you ask me.”

 

Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!