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Breaking: Oil Inventories Rose by 1.2M Last Week – EIA

Published 08/01/2020, 16:32
Updated 08/01/2020, 16:37
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Investing.com - U.S. crude stockpiles rose unexpectedly last week, the Energy Information Administration said Wednesday.

Oil prices fell further as traders waited for remarks this morning from President Donald Trump on Iran amid reports the U.S. won’t escalate the situation with retaliation for last night’s missile attack.

  • Oil inventories rose by 1.2 million barrels for the week ended Jan. 3, the EIA said. The market was looking for a decline of 3.6 million barrels, according to analyst forecasts compiled by Investing.com.

  • Gasoline inventories soared by 9.1 million barrels, compared with expectations for a rise of 2.7 million barrels. Distillate stockpiles climbed by 5.3 million barrels, versus forecasts for a build of 3.9 million barrels.

  • WTI futures fell 2.1%. They were off about 1.5% before the numbers came out, sharply reversing course from the overnight spike seen when reports of Iran’s missile attack first came out.

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