U.S. Crude Oil Inventories Jump by 7.97M Barrels Last Week: EIA
Source: in.investing.com
As per the EIA, for the week to Jan 18, U.S. crude oil inventories unexpectedly jumped 7.97 million barrels, compared analysts’ expectations for a draw of 0.042 million barrels. This follows a 2.683 million barrels decline in the previous week. Gasoline inventories rose by 4.05 million barrels above expectations for a build of 2.66 million barrels. Meanwhile, distillate stockpiles dropped by 0.62 million barrels, more than forecasts for a decline of 0.23 million. Despite bearish data, WTI crude prices were up 0.27% at $52.76 a barrel by 11:15 AM ET Thursday, compared to $52.81 prior to the publication.
