The U.S. Energy Information Administration (EIA) announced Wednesday that U.S. crude stockpiles fell 4.8 million barrels for the week ended Feb. 4.
On average, analysts forecast an increase of 100,000 barrels, according to a survey by S&P Global Platts. The U.S. Petroleum Institute said late Tuesday that U.S. crude stockpiles had fallen by 2 million barrels, according to sources quoted by Market Watch.
The EIA also reported a weekly reduction of stocks of 1.6 million barrels for petrol and 900,000 barrels for refined stocks. The S&P Global Platts survey expected a 1.4 million barrel increase in gasoline supply but a 600,000 barrel reduction in refined inventories.
EIA data showed that crude stockpiles at the Cushing storage facility in Oklahoma fell by 2.8 million barrels per week. Total domestic oil production increased by 100,000 barrels to 11.6 million barrels per day.
In the wake of the EIA announcement, US crude for March delivery rose 1.02% to $ 90.27, while Brent for April delivery rose 1.31% to $ 91.97.
Source: Capital
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
