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EIA: Commercial crude oil inventories increased by 6.8 million barrels from previous week
In its weekly petroleum report for the week ending May 31, the Energy Information Administration (EIA) announced that the commercial crude oil inventories in the U.S. increased by 6.8 million barrels from the previous week. With the initial reaction, the barrel of WTI slumped below $52 and was last down 2% on the day at $51.80
Key takeaways from the press release
- Gasoline production increased last week, averaging 10.0 million barrels per day.
- Distillate fuel production increased last week, averaging 5.4 million barrels per day.
- U.S. crude oil imports averaged 7.9 million barrels per day last week, up by 1,065,000 barrels per day from the previous week.
- Total products supplied over the last four-week period averaged 20.0 million barrels per day, down by 0.6% from the same period last year.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
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