The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories plunged
by 8.010 million barrels in the week ended January 1. Economists had forecast a
decline of 2.133 million barrels.
At the same
time, gasoline stocks surged by 4.519 million barrels, while analysts had
expected a build of 1.525 million barrels. Distillate stocks climbed by 6.390
million barrels, while analysts had forecast a jump of 2309 million barrels.
Meanwhile, oil
production in the U.S. remained unchanged at 11.000 million barrels a day.
U.S. crude oil
imports averaged 5.4 million barrels per day last week, up by 43,000 barrels
per day from the previous week.