(Adds analyst comment, market reaction)
By Liz Moyer
Investing.com — U.S. oil stockpiles fell by more than expected in the latest week, the Energy Information Administration said on Wednesday.
Crude inventories dropped by 4.089 million barrels last week, compared with analysts’ expectations for a draw of 2.928 million barrels.
Gasoline inventories fell by 2.253 million barrels last week the EIA said, compared with expectations for a draw of 916,000 barrels.
“These are strong all-round draws which should please oil bulls after last week’s unexpected build in crude inventories and lackluster draw in gasoline,” said Investing.com analyst Barani Krishnan.
“But crude prices are slow to react probably because of the headwinds from Covid weighing on the market and also some pre-Fed caution. We should get some sizable moves as the trading day progresses.”
New York-traded West Texas Intermediate crude, the benchmark for U.S. oil, was up 27 cents, or 0.4%, at $71.2 per barrel by 11:00 AM ET (15:00 GMT).
London-traded Brent, the global benchmark for oil, rose 19 cents, or 0.2%, at $73.71.
Crude Inventory Fell 4.1 Million Barrels Last Week: EIA
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