EIA’s report reveals bigger-than-expected decline in U.S. crude oil inventories

The U.S. Energy Information Administration (EIA) revealed on Thursday that crude inventories decreased by 4.771 million barrels in the week ended August 30. Economists had forecast a drop of 2.000 million barrels.

At the same time, gasoline stocks reduced by 2.396 million barrels, while analysts had expected a decline of 1.750 million barrels. Distillate stocks fell by 2.538 million barrels, while analysts had forecast an increase of 0.400 million barrels.

Meanwhile, oil production in the U.S. decreased by 100,000 barrels a day to 12.400 million barrels a day.

U.S. crude oil imports averaged 6.9 million barrels per day last week, up by 976,000 barrels per day from the previous week.