The U.S. Energy Information Administration (EIA) announced on Thursday
that crude inventories decreased by 6.911 million barrels in the week ended December
22, following a rise of 2.909 million barrels in the previous week. This marked the steepest weekly decline in the U.S. crude inventories since
the week ended August 25 (-9.990 million barrels). Economists had forecast a drop
of 2.704 million barrels.
At the same time, gasoline stocks slipped by 0.575 million barrels. Analysts had foreseen a build of 0.208 million barrels. The previous
week saw a jump of 2.710 million barrels.
Elsewhere, distillate stocks increased by 0.833 million barrels. Analysts had anticipated
an advance of 0.600 million barrels. The previous week saw a climb of 1.485 million
barrels.
Meanwhile, oil production in the U.S. held steady at 13.300 million barrels per day.
U.S. crude oil imports averaged 6.3 million barrels per day last week,
logging a fall of 415,000 barrels per day from the week before.