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Economic news
20.03.2024

EIA’s report shows an unexpected fall in U.S. weekly crude oil inventories

The U.S. Energy Information Administration (EIA) announced on Wednesday that crude inventories fell by 1.952 million barrels in the week ended March 15, following a draw of 1.536 million barrels in the previous week. Economists had forecast a gain of 0.013 million barrels.

At the same time, gasoline stocks dropped by 3.310 million barrels, recording the seventh consecutive weekly decrease. Analysts had predicted a slip of 1.350 million barrels. The previous week saw a tumble of 5.662 million barrels.

Elsewhere, distillate stocks increased by 0.624 million barrels. Analysts had expected a drop of 0.087 million barrels. The previous week witnessed a rise of 0.888 million barrels.

Meanwhile, oil production in the U.S. was unchanged at 13.100 million barrels per day.

U.S. crude oil imports averaged 6.3 million barrels per day last week, logging a jump of 787,000 barrels per day from the week before.

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