The U.S. Energy Information Administration (EIA) informed on Wednesday
that crude inventories tumbled by 7.489 million barrels in the week ended March
24, following a rise of 1.117 million barrels in the previous week. Economists
had forecast a build of 0.092 million barrels.
At the same time, gasoline stocks declined by 2.904 million barrels,
while analysts had foreseen a draw of 1.617 million barrels. The prior week demonstrated
a plunge of 6.400 million barrels.
Elsewhere, distillate stocks grew by 0.281 million barrels, while
analysts had expected a decrease of 1.455 million barrels. The prior week showed
a drop of 3.313 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 5.3 million barrels per day last week, logging
a fall of 847,000 barrels per day from the week before.