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

U.S. Oil Inventories Decline More than Expected

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.

Check Also

Asian Stocks Rebound on Tech Gains, Investors Await Central Bank Moves

Most Asian markets advanced on Monday as technology shares rebounded from last week’s steep sell-off, …