The U.S. Energy
Information Administration (EIA) announced on Wednesday that crude inventories fell
by 1.952 million barrels in the week ended March 15, following a draw of 1.536 million
barrels in the previous week. Economists had forecast a gain of 0.013 million
barrels.
At the same
time, gasoline stocks dropped by 3.310 million barrels, recording the seventh
consecutive weekly decrease.
Analysts had predicted a slip of 1.350 million barrels. The previous week saw a
tumble of 5.662 million barrels.
Elsewhere,
distillate stocks increased by 0.624 million barrels. Analysts had expected a drop of 0.087 million barrels.
The previous week witnessed a rise of 0.888 million barrels.
Meanwhile,
oil production in the U.S. was
unchanged at 13.100 million barrels
per day.
U.S. crude oil
imports averaged 6.3 million barrels per day last week, logging a jump of 787,000
barrels per day from the week before.