The price of Oil to fall 2% following a surprise crude inventories in US

Investing.com – crude inventories us commercial (excluding those in the strategic reserve oil) rose 4.7 million barrels last week, while the consensus expected a decline of almost 600,000 barrels, announced the Energy Information Administration on Wednesday.

The previous week, crude oil inventories increased by 5.4 million barrels.

The EIA has also indicated that the total had increased by 3.7 million barrels during the week ended 17 may, while the forecasts expected a decline of almost 816 000. During the week prior to the may 10, gasoline inventories decreased by 1.1 million barrels.

The stocks of oil distilled rose by 800 000 barrels last week against expectations of a decline of 48 000 barrels. During the previous week, distillate inventories increased by 84 000 barrels of oil.

The future of the WTI crude oil decreased approximately 2% after the publication of the weekly data from the EIA.

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