U.S. Crude Oil Inventories Rose by 7.07M Barrels Last Week: EIA
Source: www.investing.com
For the week to March 1, U.S. crude oil inventories rose by 7.07 million barrels, as per the weekly report by Energy Information Administration released Wednesday. The gain was above forecasts for a build of 1.20 million barrels and comes after a decline of 8.65 million barrels in the previous week. Gasoline inventories declined by 4.23 million barrels, higher than forecasts for a draw of 2.08 million barrels. Meanwhile, distillate stockpiles decreased by 2.39 million barrels, higher than forecasts for a decline of 1.44 million. Following the data release, U.S. crude prices pared losses, falling 1.61% at $55.65 a barrel by 10:34 AM EST, compared to $55.62 prior to the publication.
