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14.08.2024

EIA’s report shows a surprise increase in U.S. weekly crude oil inventories

The U.S. Energy Information Administration (EIA) reported on Wednesday that crude inventories increased by 1.357 million barrels in the week ended August 9, following a decline of 3.728 million barrels in the previous week. This was the first weekly rise in the U.S. crude inventories in seven weeks. Economists had predicted a fall of 2.000 million barrels.

At the same time, gasoline stocks plunged by 2.894 million barrels. Analysts had foreseen a drop of 1.400 million barrels. The previous week saw a build of 1.340 million barrels.

Elsewhere, distillate stocks decreased by 1.673 million barrels. Analysts had anticipated a fall of 1.000 million barrels. The previous week saw a rise of 0.949 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 6.3 million barrels per day last week, logging a gain of 61,000 barrels per day from the week before.

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