Oil Stockpiles Fell 1.6 Million Barrels: EIA


© Reuters.

Investing.com — Oil stockpiles declined last week, but by less than expected, according to government data.

fell 1.6 million barrels last week, according to the Energy Information Administration. Analysts had expected a draw of 2.3 million barrels. Seven of the previous eight weeks had seen falling inventory.

Traders have been watching the weekly inventory trends for signs that demand was picking up after months of business lockdowns. On Tuesday, the industry’s own estimate said oil stockpiles rose last week by 691,000 barrels, against expectations for a decline.

, the U.S. benchmark, fell 0.4% in morning trading on Wednesday, at $39.63. , the international standard, fell 0.2%, at $41.64.

Crude stored at , Oklahoma, rose by 4,000 barrels.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

READ  Creating a win-win budget: Spurring India’s startups





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here