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Crude oil prices were lower this week as the latest report from the Energy Information Administration showed that US crude oil stockpiles rose again last week. In the week ending October 12th, US crude oil inventories rose by 6.5 million barrels, far out-stripping the market forecast of a 1.6 million barrel gain. This latest rise in inventories marks the fourth consecutive weekly gain and came despite US crude oil production falling 300k barrels per day to 10.9 million barrels per day.
Gasoline and Distillates Down Also
The latest EIA report also shows that gasoline inventories were lower by 2 million barrels over the week, bigger than the forecast for a 1.07 million barrel drawdown. Distillate stockpiles were also lower by 0.8 million barrels over the week, though this was less than the forecasted 1.3 million barrel decrease.
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