The change in crude oil stocks in the US it was +4.3 million barrels in the week ending October 23, the weekly report released by the US Energy Information Administration (EIA) revealed on Wednesday. The analysts’ estimate was for an increase of 1.2 million barrels.
Market reaction
Crude oil prices were down with the initial reaction to the weekly EIA report and a barrel of West Texas Intermediate (WTI) was last seen losing 4.1% on the day to $ 37.33.
Additional conclusions
“Inputs from US crude oil refineries averaged 13.4 million barrels per day for the week ending October 23, 2020, 363,000 barrels per day more than the previous week’s average.”
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Credits: Forex Street
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