Oil
US crude inventories, oil production decline
- Commercial crude stocks fall by 2.7 million barrels, while crude output decreases by 81,000 barrels per day

The U.S.' crude oil inventories and oil production decreased last week, the Energy Information Administration (EIA) announced Thursday.

Commercial crude stocks fell by 2.7 million barrels, or 0.6 percent, to 462.2 million barrels for the week ending Oct. 6, the EIA said.

This marked the third consecutive weekly decline in commercial crude inventories.

The market expectation was a decline of 2 million barrels in commercial stocks. Crude inventories fell 6 million barrels the previous week.

Strategic petroleum reserves, which are not included in the commercial inventories, also declined by 1.2 million barrels, or 0.2 percent, to 672.4 million barrels.

Gasoline inventories, on the other hand, rose 2.5 million barrels, or 1.1 percent, to reach 221.4 million barrels during this period.

The market expectation for gasoline stocks was an increase of 0.5 million barrels. Gasoline inventories rose 1.6 million barrels the previous week.

 

- Crude output declines

The U.S.' crude oil production decreased by 81,000 barrels per day (bpd) to 9.48 million bpd for the week ending Oct. 6, the EIA said.

This marked the first decline in crude output after rising for four weeks in a row.

The U.S.' crude oil exports also fell by 714,000 bpd to 1.27 million bpd during that period.

Crude oil imports increased by 403,000 bpd to 7.62 million bpd during the same period.

 

-Oil prices trim losses

After the decline in the U.S.' crude inventories, oil prices started to show gains and trimmed their earlier losses on Thursday.

American benchmark West Texas Intermediate rose to $50.61 per barrel shortly after 1500 GMT.

International benchmark Brent crude increased to $56.23 a barrel around the same time.

By Ovunc Kutlu in New York

Anadolu Agency

energy@aa.com.tr

 

13 Oct,2017
OIL NEWS