U.S. Crude Oil Inventories Rose by 10.27M Barrels Last Week: EIA
Source: www.investing.com
As per the Energy Information Administration (EIA), U.S. crude oil inventories surged 10.3 million barrels for the week ending Nov. 9, above analysts’ expectations of 3.18 million barrels. This is the eighth straight week of increases, and marks the longest upward streak since early 2017. However, crude prices rose 0.4% Thursday as reports on Wednesday that OPEC and its partners were discussing a 1.4 million-barrels-per-day cut in output. The EIA data also showed that gasoline supplies fell by 1.4 million barrels compared to expectations for a draw of 1.48 million barrels.
