U.S. Crude Oil Inventories Fell by 3.9M Barrels Last Week: EIA
Source: www.investing.com
For the week ending March 8, U.S. crude oil inventories fell by 3.86 million barrels, the Energy Information Administration said in its weekly report on Wednesday. This drop was unexpected, coming after a surge of 7.07 million barrels in the previous week and contrary to forecasts for a build of 2.66 million barrels. Gasoline inventories declined by 4.62 million barrels, higher than forecasts for a draw of 2.53 million barrels, while distillate stockpiles increased unexpectedly by 0.38 million barrels, compared to forecasts for a decline of 1.86 million. Following the positive data, U.S. crude prices extended gains, rising 1.88% at $57.94 a barrel by 10:36 AM ET, compared to $57.81 prior to the publication.
