The U.S. Energy
Information Administration (EIA) reported on Thursday that crude inventories declined
by 5.503 million barrels in the week ended December 29, following a downwardly
revised decrease of 7.114 million barrels (from 6.911 million barrels) in the
previous week. Economists had foreseen
a draw of 3.725 million barrels.
At the same
time, gasoline stocks surged by 10.900 million barrels.
Analysts had forecast a drop of 0.215 million barrels. The previous week recorded
a slip of 0.669 million barrels (revised from the originally reported fall of 0.575
million barrels).
Elsewhere,
distillate stocks soared by 10.090 million barrels. Analysts had predicted a gain of 0.588 million
barrels. The previous week registered an increase of 0.741 million barrels (revised
from the originally reported advance of 0.833 million barrels).
Meanwhile, oil
production in the U.S. reduced by 100,000 barrels a day to 13.200 million
barrels per day.
U.S. crude oil
imports averaged 6.9 million barrels per day last week, logging a rise of 619,000
barrels per day from the week before.