U.S. Oil Inventories Decreased by 3.4 Million Barrels Last Week: EIA

By Liz Moyer

U.S. crude oil inventories experienced a decline last week that exceeded expectations, as reported by the Energy Information Administration. Specifically, inventories decreased by 3.39 million barrels, while analysts had anticipated an increase of 1.38 million barrels.

In contrast, gasoline stocks increased by 1.23 million barrels, whereas the expectation was for a reduction of 800,000 barrels. Additionally, distillate inventories fell by 4.77 million barrels, contrary to expectations for a decrease of 1.33 million barrels.