The U.S. Energy Information Administration (EIA) reported on Wednesday
that crude inventories dropped by 4.471 million barrels in the week ended September 20,
following a decline of 1.630 million barrels in the previous week. Economists had expected a draw
of 1.400 million barrels.
At the same
time, gasoline stocks decreased 1.538 million barrels, recording the first fall
in four weeks. Analysts had predicted
a slip of 0.020 million barrels. The previous week saw a build of 0.069 million
barrels.
Elsewhere,
distillate stocks tumbled by 2.227 million barrels, recording the first decline in three
weeks. Analysts
had forecast a plunge of 1.600 million barrels. The previous week witnessed a gain
of 0.125 million barrels.
Meanwhile, oil
production in the U.S. remained unchanged at 13.200 million barrels per day.
U.S. crude oil
imports averaged 6.5 million barrels per day last week,
logging an advance of 135,000 barrels per day from the week before.