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NewsBreak: Oil Inventories Rose by 822K Last Week: EIA

Published 11/12/2019, 15:23
Updated 11/12/2019, 15:38
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Investing.com - U.S. oil stockpiles unexpectedly rose last week, the Energy Information Administration said Wednesday, extending losses for crude in morning trading.

  • Crude inventories rose by 822,000 for the week ended Dec. 6, the EIA said. The market was looking for a drawdown of 2.76 million barrels, according to analysts’ forecasts compiled by Investing.com.

  • Gasoline inventories soared by 5.4 million barrels, compared with expectations for a rise of about 2.5 million barrels. Distillate inventories climbed by 4.1 million barrels, versus forecasts for a build of about 1.6 million barrels.

  • WTI futures were down 0.8%. They were down about 0.2% just before the numbers were released in cautious trading ahead of the Federal Reserve’s interest rate decision.

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