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NewsBreak: U.S. Oil Inventories Jumped by 5.7M Last Week: EIA

Published 31/10/2019, 01:35 am
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Investing.com - Oil inventories in the U.S. rose by much more than expected last week, the Energy Information Administration reported Wednesday, sending oil prices further into the red.

  • Crude stockpiles rose by 5.7 million barrels for the week ended Oct. 25, the EIA said. The market was looking for a rise of about 494,000 barrels, according to forecasts compiled by Investing.com.

  • Gasoline inventories fell by about 3 million barrels, versus forecasts for drawdown of about 2.19 million barrels, while distillate inventories declined by 1 million barrels, compared with expectations for a drop of 2.35 million.

  • WTI futures were off 0.9%. London’s Brent was down 1%.

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