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Breaking: Oil Inventories Rose by 3.5M Barrels Last Week – EIA

Published 29/01/2020, 15:23
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By Kim Khan

Investing.com - Stockpiles of U.S. oil rose much more than expected last week, the Energy Information Administration said Wednesday.

  • Oil inventories rose by 3.5 million barrels for the week ended Jan. 24, the EIA said. Analysts predicted a build of 482,000 barrels, according to forecasts compiled by Investing.com.

    • Gasoline inventories were up by 1.2 million barrels, compared with forecasts for a rise of 1.3 million barrels. Distillate stockpiles fell by 1.3 million barrels, versus consensus expectations for a draw of about 1.1 million barrels.

  • WTI futures fell 0.9% after the numbers came out. They were down about 0.4% before the EIA report.

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