The U.S. Energy Information Administration (EIA) informed on Wednesday
that crude inventories gained by 0.244 million barrels in the week ended April 18, following
an advance of 0.515 million barrels in the previous week. Overall, this was the
fourth straight weekly build in U.S. crude inventories, but the smallest one in
the sequence. Economists had forecast a drop of 0.700 million barrels.
At the same
time, gasoline stocks tumbled by 4.476 million barrels, recording the eighth
consecutive weekly draw. Analysts
had foreseen a decrease of 1.150 million barrels. The previous week saw a decline
of 1.958 million barrels.
Elsewhere,
distillate stocks plunged by 2.353 million barrels, registering the third successive
weekly drop. Analysts had predicted a slip of 0.100 million barrels. The previous week witnessed
a fall of 1.851 million barrels.
Meanwhile, oil
production in the U.S. dropped by 2,000 barrels per day to 13.460 million
barrels per day.
U.S. crude oil
imports averaged 5.6 million barrels per day last week,
logging a reduction of 412,000 barrels per day from the week before.