U.S. crude oil stockpiles fell less than expected last week according to a largely bearish report on Wednesday from the Energy Information Administration, which also showed that gasoline and distillate inventories rose more than expected.
Source: www.reuters.com
For the week to Jan. 4, crude oil inventories fell by 1.7 million barrels, as per the weekly report by Energy Information Administration released Wednesday. These results were lower than initial expectations for a decrease of 2.8 million barrels. The report also showed that gasoline inventories rose 8.1 million barrels, the largest weekly rise since Dec. 2016. This figure was higher than the 3.4 million-barrel gain that analysts had previously forecasted. Following the bearish report, U.S. WTI crude oil futures pared gains falling to $50.97/barrel by 10.52 AM EST from a session high of US$51.50/barrel earlier.
