The U.S. Energy Information Administration (EIA) reported on Wednesday
that crude inventories decreased by
0.934 million barrels in the week
ended December 13, following a drop of 1.425 million barrels in the previous
week. Overall, this was the fourth straight weekly fall in the U.S. crude
inventories. Economists had predicted a draw of 1.700 million barrels.
At the same
time, gasoline stocks increased by 2.348 million barrels, recording the fifth consecutive weekly advance. Analysts had anticipated a build of 2.000 million barrels. The previous week recorded
a jump of 5.086 million barrels.
Elsewhere,
distillate stocks plunged by 3.180 million barrels, recording the first drop in four weeks, the pace of which
was also the steepest since the week ended October 11 (-3.53 million barrels). Analysts had forecast a gain of 0.800 million
barrels. The previous week registered a climb of 3.235 million barrels.
Meanwhile, oil
production in the U.S. reduced by 27,000 barrels a day to 13.604 million
barrels per day.
U.S. crude oil
imports averaged 6.6 million barrels per day last week,
logging a rise of 665,000 barrels per day from the week before.