The U.S. Energy Information Administration (EIA) announced on Wednesday
that crude inventories decreased by 1.280 million barrels in the week ended April
28, following a plunge of 5.054 million barrels in the previous week.
Economists had foreseen a fall of 1.100 million barrels.
At the same time, gasoline stocks jumped by 1.743 million barrels, while
analysts had predicted a draw of 1.157 million barrels. The prior week saw a drop
of 2.408 million barrels.
Elsewhere, distillate stocks plunged by 1.191 million barrels, while
analysts had forecast a decline of 1.084 million barrels. The prior week witnessed
a slip of 0.576 million barrels.
Meanwhile, oil production in the U.S. rose by 100,000 barrels a day to
12.300 million barrels per day.
U.S. crude oil imports averaged 6.4 million barrels per day last week, logging
an advance of 21,000 barrels per day from the week before.