The U.S. Energy Information Administration (EIA) reported on Thursday
that crude inventories fell by 6.873 million barrels in the week ended August 30, following a decrease of
0.846 million barrels in the previous week. This was the steepest weekly drop in the U.S. crude inventories since late June. Economists had predicted
a decline of 1.100 million barrels.
At the same
time, gasoline stocks climbed by 0.848 million barrels, recording the first
gain in four weeks. Analysts had expected a slip of 0.700 million barrels. The previous week registered
a plunge of 2.203 million barrels.
Elsewhere,
distillate stocks decreased by 0.371 million barrels. Analysts had forecast a rise of 1.000 million
barrels. The previous week recorded an increase of 0.275 million barrels.
Meanwhile, oil
production in the U.S. remained unchanged at 13.300 million barrels per day.
U.S. crude oil
imports averaged 5.8 million barrels per day last week,
logging a drop of 768,000 barrels per day from the week before.