The U.S. Energy Information Administration (EIA) announced on Wednesday
that crude inventories decreased by
2.332 million barrels in the week
ended February 21, following a rise of 4.633 million barrels in the previous
week. This marked the first decline in the U.S. crude inventories in five weeks. Economists had expected an advance of 2.540 million barrels.
At the same
time, gasoline stocks increased by 0.369 million barrels, recording the first gain
in three weeks. Analysts had anticipated
a draw of 1.300 million barrels. The previous week recorded a slip of 0.151 million
barrels.
Elsewhere,
distillate stocks soared by 3.908 million barrels. the most since early
January. Analysts had predicted
a build of 1.630 million barrels. The previous week registered a plunge of 2.051
million barrels.
Meanwhile, oil
production in the U.S. rose by 5,000 barrels per day to 13.502 million barrels
per day. This represented the highest output
in seven weeks.
U.S. crude oil
imports averaged 5.9 million barrels per day last week,
logging a gain of 98,000 barrels
per day from the week before.