U.S. Crude Oil Inventories Fell by 0.5M Barrels Last Week: EIA
Source: www.investing.com
U.S. crude oil inventories fell for the third straight week among concerns of a global supply glut and falling prices. As per the weekly report released by EIA Wednesday, U.S. crude oil inventories declined 0.497 million barrels in the week to Dec. 14. This drop was lower than analysts’ expectations for a 2.44 million barrels draw and after a drop of 1.21 million barrels in the previous week and 7.32 million barrels in the week before that. However, gasoline inventories rose by 1.77 million barrels compared to expectations for a build of 1.20 million barrels. The reduction in oil inventories along with news that OPEC and its allies will extend the agreement to cut production helped WTI crude prices close over 2.0% higher Wednesday.
