U.S. Crude Oil Inventories Rise by 1.26M Barrels Last Week: EIA
Source: www.investing.com
For the week to Feb. 1, U.S. crude oil inventories increased by 1.26 million barrels, as per the weekly report released by the Energy Information Administration Wednesday. This gain is lower than forecasts for a build of 2.18 million barrels and comes following a gain of 0.92 million barrels in the previous week. Gasoline inventories rose by 0.51 million barrels which was lower than expectations for a build of 1.60 million barrels. Distillate stockpiles fell by 2.26 million barrels, higher than forecasts for a decline of 1.81 million. Following the news release, WTI crude prices pared losses trading down 0.43% at $53.43 a barrel by 10:33 AM ET, compared to $53.20 prior to the publication.
