U.S. Crude Oil Inventories Fell by 0.5M Barrels Last Week: EIA

Investing.com – oil inventories fell less than expected last week, the Energy Information Administration said in its weekly report on Wednesday.

The EIA data showed that decreased by 0.497 million barrels in the week to Dec. 14.

That was compared to forecasts for a stockpile draw of 2.44 million barrels, after a drop of 1.21 million barrels in the previous week, amounting to a second straight weekly decline.

The EIA report also showed that rose by 1.77 million barrels, compared to expectations for a build of 1.20 million barrels, while decreased by 4.24 million barrels, compared to forecasts for a gain of 0.57 million.

were trading up 2.36% to $47.70 a barrel by 10:35 AM ET (15:35 GMT), compared to $47.69 prior to the publication.
London-traded gained 1.97% to $57.37 a barrel, compared to $57.34 ahead of the release.

Ahead of the release, oil prices had already been climbing as the Saudi Arabian energy minister Khalid Al-Falih said OPEC and its allies led by Russia will surely extend their agreement to cut production.

“We will meet in April and I’m certain that we will extend it,” Al-Falih told reporters in Riyadh, referring to the next meeting of OPEC+ members to discuss whether to extend the December agreement to reduce output. “We need more time to achieve the result.”

— Reuters contributed to this report

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