Crude Oil Slumps on Covid, U.S. Gasoline Concerns

© Reuters.

By Sam Boughedda — U.S. oil stockpiles rose by more than expected last week, according to data from the Energy Information Administration.

Crude stocks rose by 1.017 million barrels last week, the EIA said on Wednesday. That compared with analysts’ expectations for a draw of 481,000 barrels.

Distillate stockpiles, which include diesel and , declined by 1.968 million barrels in the week against expectations for a draw of 1.002 million barrels, the EIA data showed.

Gasoline inventories showed a draw of 603,000 barrels last week, the EIA said, compared with expectations for a draw of 461,000 barrels.

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