The U.S. Energy Information Administration (EIA) announced on Wednesday
that crude inventories plunged by 5.054 million barrels in the week ended April
21, following a drop of 4.581 million barrels in the previous week. Economists
had predicted a draw of 1.486 million barrels.
At the same time, gasoline stocks declined by 2.408 million barrels,
while analysts had forecast a decrease of 0.933 million barrels. The prior week
saw a build of 1.300 million barrels.
Elsewhere, distillate stocks decreased by 0.576 million barrels, while
analysts had foreseen a fall of 0.839 million barrels. The prior week witnessed
a slip of 0.356 million barrels.
Meanwhile, oil production in the U.S. reduced by 100,000 barrels a day
to 12.200 million barrels per day.
U.S. crude oil imports averaged 6.4 million barrels per day last week,
logging an advance of 81,000 barrels per day from the week before.