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U.S. Crude Inventories Fell by 4.9M Barrels Last Week: EIA

Published 12/04/2019, 11:29 PM
Updated 12/04/2019, 11:42 PM
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Investing.com - Stockpiles of U.S. crude fell much more than expected last week, the Energy Information Administration said Wednesday.

  • Crude inventories fell by 4.9 million barrels for the week ended Nov. 29, the EIA said, compared with expectations for a drop of 1.73 million barrels, according to forecasts compiled by Investing.com.

  • Gasoline inventories rose by 3.4 million barrels, versus forecasts for a rise of about 1.8 million barrels, while distillate stockpiles rose by about 3.1 million barrels, compared with expectations for a build of about 1.1 million.

    • WTI futures were little changed after the report, having already surged 3.7% on reports suggesting deeper output cuts from the OPEC+ group of producers at their meeting later this week.

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