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US Oil Inventories Decline More than Expected

M. Ali 16 October, 2020 2:29 am Commodities, Market Update

Crude oil inventories in the United States declined by 3.8 million barrels last week, according to data by the US Energy Information Administration (EIA) on Thursday.

The decline exceeds that expected by market experts of around 2.3 million barrels, and it comes after an increase of 500,000 barrels in the week before.

Gasoline stockpiles decreased by 1.6 million barrels, while distillate stockpiles retreated by 7.2 million barrels for the week ended on October 9.

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