U.S. Crude Oil Inventories Rose by 3.58M Barrels Last Week: EIA
Source: www.investing.com
A crude oil supply glut in the U.S. continues to plague the WTI crude oil prices as they fell nearly 2% Wednesday. These results proceeded the EIA report that showed a build of 3.58 million barrels in the week to Nov. 23, above analysts’ expectation of 0.77 million barrels. However, gasoline inventories fell by 0.76 million barrels, compared to expectations for a build of 0.64 million barrels. To deal with the global supply concerns, OPEC is mulling a production cut at its meeting scheduled for December 6.
