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NewsBreak: U.S. Oil Inventories Rose by 2.2M Barrels Last Week

Published 14/11/2019, 15:48
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Investing.com - U.S. weekly crude oil inventories rose by about 2.2 million barrels last week, according to the Energy Information Administration, more than the market was expecting. Oil prices dropped shortly after the data came out.

  • The EIA said Thursday oil inventories dropped by 2.2 million barrels for the week ended Nov. 8, compared with expectations for a build of 1.65 million barrels, according to analysts’ forecasts compiled by Investing.com.

  • Gasoline inventories rose by nearly 1.9 million barrels, versus expectations for a drop of 1.17 million barrels. Distillate stockpiles fell by about 2.5 million barrles, compared with forecasts for a decline of 950,000 barrels.

  • WTI futures, which were up about 0.8% before the report came out, pared gains and rose about 0.2% at $53.25.

  • The numbers were released a day later due to Monday’s federal holiday for Veterans Day.

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