The U.S. Energy Information Administration (EIA) announced Wednesday
that crude inventories fell by 1.019 million barrels in the week ended May 20,
following a draw of 3.394 million barrels in the previous week. Economists had
forecast a drop of 0.737 million barrels.
At the same time, gasoline stocks decreased by 0.482 million barrels,
while analysts had predicted a slip of 0.634 million barrels. The prior week
recorded a plunge of 4.779 million barrels.
Elsewhere, distillate stocks increased by 1.657 million barrels, while
analysts had forecast an advance of 0.917 million barrels. The prior week posted
a build of 1.235 million barrels.
Meanwhile, oil production in the U.S. remained unchanged at 11.900
million barrels per day.
U.S. crude oil averaged 6.5 million barrels per day last week, recording
a decline of 82,000 b barrels per day from the prior week.