U.S. Oil Stockpiles Declined by 1 Million Barrels Last Week: EIA

U.S. oil stockpiles experienced a more significant decline than anticipated in the past week, according to the Energy Information Administration’s report on Wednesday.

The total stockpiles dropped by 1.019 million barrels, exceeding analysts’ expectations, which predicted a decrease of 0.737 million barrels. Meanwhile, inventories that encompass diesel and other fuels increased by 1.657 million barrels, contrasting with the forecasted build of 0.917 million barrels.

Additionally, gasoline inventories saw a reduction of 0.482 million barrels last week, which was also lower than the predicted draw of 0.634 million barrels.