U.S. Crude Oil Inventories Fell by 1.4M Barrels Last Week: EIA
Source: www.investing.com
In the week to April 12, U.S. crude oil inventories fell by 1.4 million barrels, as per the Energy Information Administration’s weekly report released Wednesday. The decline was above forecasts for a 1.2 million barrels drop, and comes after three consecutive weekly builds. However, the decline in gasoline inventories and distillate stockpiles was below expectations. Gasoline inventories declined by 1.17 million barrels, compared to expectations for a draw of 2.13 million barrels. Distillate stockpiles dropped 0.36 million barrels, compared to forecasts for a decline of 0.85 million. Following the data release, U.S. crude prices turned negative, down 6 cents at $63.99 a barrel by 11:08 AM ET, compared to $64.18 prior to the publication.
