Open Demo Account
Home / Market Update / Commodities / U.S. Oil Inventories Decline More than Expected

U.S. Oil Inventories Decline More than Expected

M. Ali 6 January, 2021 8:00 pm Commodities, Market Update

Crude oil inventories in the United States declined last week by more than expected, data showed on Wednesday.

The U.S. Energy Information Administration (EIA) weekly reported showed that crude oil stockpiles decreased by 8 million barrels in the week ending on January 1 to a total of 485.5 million barrels.

This is the biggest weekly decline since August.

Meanwhile, gasoline inventories increased by 4.5 million barrels last week, recording its biggest rise since April, and distillate stockpiles went up by 6.4 million barrels.

Tags

Check Also

AUD Plummets to Five-Year Low as China’s Tariff Bombshell Rocks Global Markets

In a dramatic twist of global economic fortunes, the Australian dollar has crashed to its …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends