Oil stocks fell 562,000 barrels last week: EIA by Investing.com

Investing.com – stocks have fallen less than expected in the past week, the Energy Information Administration said on Wednesday.

fell 562,000 barrels last week compared to analysts’ expectations for a 3.18 million barrel withdrawal.

stocks, which include diesel and fell 3.2 million barrels a week from expectations of a 904,000 barrel drop, EIA data showed.

dropped 169,000 barrels in the last week, the EIA said. The weekly rate fell 1.1%, according to the report.

fell 1.12 million barrels last week, the EIA said, compared to expectations for a 1.2 million barrel construction.

“The EIA has metaphorically introduced some gas into the oil tank, although in real terms its latest data set takes up some of the pressure built on the oil complex for weeks, especially from fuel products,” said the analyst Investing .com Barani Krishnan. “While extraction at 562,000 barrels is less than a fifth of the expected 3.2 million barrels, it is based on 140,000 barrels per day more on imports. The increase in exports was, however, offset by the increase in almost 500,000 bpd in exports. That tells you where the raw extraction came from. “

Krishnan added: “For the driving component, extracting petrol will be a relief, as it is the first withdrawal in seven weeks. This is a pleasant surprise, given that people do not usually drive like crazy at this time of year. distilled, is the first drop in four weeks and needed to keep up with the theme of higher deliveries for the holiday season with trucks traversing the country from coast to coast.decrease of the day.However, a data set does not make a trend. We will have to see the number of the next few weeks as the winter deepens, the holiday deliveries end and Covid takes over the whole new country. “