U.S. Crude Oil Inventories Fell by Most Since July Last Week: EIA
Source: www.investing.com
In the week to March 15, U.S. crude oil inventories declined by 9.59 million barrels, as per results from the weekly report by the Energy Information Administration. This drop is the biggest since July 2018m and comes after a decline of 3.86 million barrels in the previous week. Analysts had expected a modest stockpile build of 0.31 million barrels. Gasoline inventories fell by 4.59 million barrels, twice the expected draw of 2.41 million barrels. Distillate stockpiles declined by 4.13 million barrels, compared to forecasts for a decline of 1.09 million. This across the board decrease adds to evidence that the global oil market is responding to supply cuts led by OPEC and Russia. Following the data release, U.S. crude prices traded higher, gaining 0.5% at $59.59 a barrel by 10:37 AM ET, compared to $59.15 prior to the publication.
