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NewsBreak: U.S. Crude Inventories Rose by 3.1M Barrels Last Week

Published 10/02/2019, 10:27 AM
Updated 10/02/2019, 10:35 AM
© Reuters.
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Investing.com - U.S. oil inventories showed a gain of 3.1 million barrels last week, the Energy Information Administration said Wednesday, more than the market was anticipating, which pressured oil prices.

  • Analysts were expecting a rise of about 1.57 million barrels of crude for the week ended Sept. 27, according to forecasts compiled by Investing.com.

  • The EIA said gasoline inventories for the week fell by about 230,000 barrels, confounding forecasts for a build of about 450,000 barrels. Distillate stockpiles dropped by about 2.4 million barrels. Analysts had been looking for a decline of about 1.8 million barrels.

  • WTI futures fell 1.5% to $52.84 just after the report. They were down about 0.2% at $53.51 before the numbers were released.

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