The U.S. Energy Information Administration (EIA) informed on Wednesday
that crude inventories dropped by 1.425 million barrels in the week ended December 6,
following a decline of 5.073 million barrels in the previous week. Overall,
this was the third straight first weekly decrease in the U.S. crude inventories. Economists had expected a fall of 1.100 million barrels.
At the same
time, gasoline stocks jumped by 5.086 million barrels, recording the fourth consecutive weekly gain
and the strongest one since
the week that ended January 5 (+8.03 million barrels). Analysts had forecast a rise of 1.900 million barrels. The previous week saw an
increase of 2.362 million barrels.
Elsewhere,
distillate stocks climbed by 3.235 million barrels, recording the third successive weekly build. Analysts had predicted a build of 1.100 million
barrels. The previous week witnessed a surge of 3.383 million barrels.
Meanwhile, oil
production in the U.S. increased by 118,000 barrels a day to 13.631 million
barrels per day., the highest level on record.
U.S. crude oil
imports averaged 6.0 million barrels per day last week,
logging a decline of 1.3 million barrels per day from the week before.