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50.43
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56.58
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2.96

Oil and gasoline inventories decline more than anticipated

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Written by Jordan Blum

Click HERE to Read the Article by the Publisher.


The nation’s oil and gasoline stockpiles fell more than expected in the past week, bringing good new to the energy sector that the global glut of petroleum is continuing to shrink.

Commercial crude inventories fell by 6.2 million barrels, the third consecutive week of declines. Gasoline stockpiles declined by 3.2 million barrels. Both, however, remain near historically high levels, according to the U.S. Department of Energy. The only sizable buildup came in distillate fuel oil — used for diesel and heating oils — which grew by 2.2 million barrels.

Total petroleum stockpiles shrank by 6 million barrels when all products, including propane and other oils, were counted.

The news quickly boosted U.S. oil prices up to about $45 a barrel, up nearly $1 for Wednesday morning. Other positive momentum came from indication that the Organization of the Petroleum Exporting Countries, or OPEC, is getting more serious about freezing oil production output.

Wednesday’s oil draw-down news comes one week after a small decline, but two weeks after a massive 14.5 million barrel plunge in inventory levels. Many analysts initially expected the crude stockpiles to grow from last week.


Tags: oil, gasoline, energy, petroleum, crude


Written by Jordan Blum

Click HERE to Read the Article by the Publisher.

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