The U.S. Energy Information Administration (EIA) revealed on Wednesday
that crude inventories plunged by 4.553 million barrels in the week ended January
7, following a draw of 2.144 million barrels in the prior week. Economists had
forecast a decline of 1.904 million barrels.
In the meantime, gasoline stocks climbed by 7.961 million barrels, while
analysts had expected a build of 2.408 million barrels. The week before saw a jump
of 10.128 million barrels.
Elsewhere, distillate stocks rose by 2.537 million barrels, while
analysts had expected an advance of 1.757 million barrels. The prior week witnessed
a gain of 4.418 million barrels.
Meanwhile, oil production in the U.S. decreased by 100,000 barrels a day
to 11.700 million barrels per day.
U.S. crude oil imports averaged 6.1 million barrels per day last week,
up by 185,000 barrels per day from the week earlier.