Breaking: Oil Inventories Rose by 1.6M Barrels Last Week: EIA

 Breaking: Oil Inventories Rose by 1.6M Barrels Last Week: EIA
imageCommodities16 hours ago (Mar 25, 2020 10:34AM ET)

(C) Reuters.

By Kim Khan

Investing.com – Stockpiles of U.S. crude rose less than expected last week, the Energy Information Administration reported Wednesday.

Oil inventories rose by 1.6 million barrels for the week ended March 20, the EIA said. That compared with expectations for a build of about 2.8 million barrels, according to forecasts compiled by Investing.com.

Gasoline inventories fell by 1.5 million barrels, versus forecasts for a decline of about 660,000 barrels. Distillate stockpiles fell by about 680,000 barrels, compared with expectations for a drawdown of 1.9 million barrels.

WTI futures fell by 2.6%. They were down more than 3% before the report arrived. Gasoline RBOB Futures rose over 10% to 50.05c a gallon.

Breaking: Oil Inventories Rose by 1.6M Barrels Last Week: EIA

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