Investing.com — U.S. crude oil inventories fell by more than expected last week, the Energy Information Administration (EIA) said.
Crude inventories dropped by 5.187 million barrels, against expectations for a draw of 3.305 million barrels.
But distillate stockpiles rose by 6.159 million barrels last week, compared with expectations for a build of 2.208 million barrels.
Gasoline inventories also rose by 5.320 million barrels, against expectations for a build of 2.707 million barrels.
“The combined build in products simply outweigh the draw on the crude,” said Investing.com analyst Barani Krishnan. “On top of that, production has been estimated 100k higher on the week. Demand for gasoline and diesel is, meanwhile, just so so. It’s a net bearish report, if you ask me.”