The U.S. Energy Information Administration (EIA) announced on Wednesday
that crude inventories decreased by
0.846 million barrels in the week
ended August 23, following a decline of 4.649
million barrels in the previous week. Economists had predicted a drop of 3.000 million barrels.
At the same
time, gasoline stocks plunged by 2.203 million barrels, recording the third consecutive
weekly decline. Analysts had forecast a draw
of 1.600 million barrels. The previous week saw a fall of 1.606 million barrels.
Elsewhere,
distillate stocks increased by 0.275 million barrels, recording the first rise in three weeks. Analysts
had anticipated a decrease of 1.100 million barrels. The previous week witnessed
a tumble of 3.312 million barrels.
Meanwhile, oil
production in the U.S. reduced by 100,000 barrels a day to 13.300 million
barrels per day.
U.S. crude oil
imports averaged 6.6 million barrels per day last week,
logging a fall of 92,000 barrels per day from the week before.