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U.S. Oil Inventories Down 7.3 M Barrels in Week

M. Ali 18 February, 2021 11:00 pm Commodities, Market Update

Crude oil inventories in the United States declined by 7.3 million barrels last week, data by the U.S. Energy Information Administration (EIA) showed on Thursday.

The EIA weekly report was delayed for a day as the beginning of the week marked the Presidents Day federal holiday.

Gasoline inventories increased by 700,000 barrels during the week ending on February 12, while distillate stockpiles decreased by 3.4 million barrels.

On Wednesday, data by the American Petroleum Institute (API) estimated a declined of 5.8 million barrels in the U.S. oil inventories.

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