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US Oil Inventories Fall Unexpectedly for Third Week in Row

M. Ali 30 September, 2020 8:20 pm Commodities, Market Update

Crude oil inventories in the United States declined last week, for the third consecutive week, by 2 million barrels, according to data by the US Energy Information Administration (EIA) on Wednesday.

This comes against expectations of an increase by 1.6-1.9 million barrels.

US oil stockpiles reached a total of 492.4 million barrels during the week that ended on September 25.

On the other hand, gasoline inventories increased by 700,000 barrels, while distillate stockpiles decreased by 3.2 million barrels.

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