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Oil futures trim losses over EIA’s report

Mohamed Abdelhamid 10 November, 2021 8:51 pm Commodities, Forex Market, Market Update

The Energy Information Administration reported on Wednesday that U.S. crude inventories rose by 1 million barrels for the week ended Nov. 5.

The fresh data matches the average increase expected by analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 2.5 million-barrel decline, according to sources.

The EIA also reported weekly inventory declines of 1.6 million barrels for gasoline and 2.6 million barrels for distillates.

The S&P Global Platts survey expected supplies to decrease by 1.6 million barrels for gasoline, but distillate stockpiles were expected to show no change for the week.

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