U.S. Crude Oil Inventories Fell by 1.21M Barrels Last Week: EIA
Source: www.investing.com
U.S. crude oil inventories fell for the second straight week amid concerns of a global supply glut and falling prices. As per data from the Energy Information Administration (EIA) released Wednesday, crude oil inventories declined 1.21 million barrels in the week to Dec. 7. This proceeded a drop of 7.32 million barrels the week before. However, the decline was lower than forecasts for a draw of 2.99 million barrels. Gasoline inventories rose by 2.09 million barrels, compared to expectations for a build of 2.46 million barrels. Following the news release, WTI prices fell marginally closing Wednesday at US$51.4/bbl.
