Open Demo Account
Home / Market Update / Commodities / U.S. Oil Inventories Drop More Than Expected

U.S. Oil Inventories Drop More Than Expected

M. Ali 3 June, 2021 8:51 pm Commodities, Market Update

Crude oil inventories in the United States dropped more than expected last week, according to the latest official data released on Thursday.

Inventories plunged by 5.08 million barrels, more than double the decrease of 2.4 million barrels that was expected by market analysts, the Energy Information Administration (EIA) report for the week ending on May 28 showed.

Meanwhile, gasoline stockpiles increased by 1.5 million barrels, while distillate stockpiles added 3.72 million barrels, with both coming against market expectations.

It is worth noting that the EIA weekly oil inventories report that usually comes out on Wednesday was released on Thursday this week, as the one-day delay resulted from the Memorial Day federal holiday on Monday.

Tags

Check Also

Gold rises amid US elections

Tuesday saw a little increase in gold prices as investors prepared for political tensions following …

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