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Economic news
03.04.2024

EIA’s report shows a surprise jump in U.S. weekly crude oil inventories

The U.S. Energy Information Administration (EIA) informed on Wednesday that crude inventories jumped by 3.210 million barrels in the week ended March 29, following a climb of 3.165 million barrels in the previous week. Economists had forecast a draw of 1.511 million barrels.

At the same time, gasoline stocks plunged by 4.256 million barrels. Analysts had expected a drop of 0.820 million barrels. The previous week recorded a surge of 1.299 million barrels.

Elsewhere, distillate stocks declined by 1.268 million barrels. Analysts had predicted a slip of 0.604 million barrels. The previous week registered a fall of 1.185 million barrels.

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

U.S. crude oil imports averaged 6.6 million barrels per day last week, logging a drop of 85,000 barrels per day from the week before.

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