FX.co ★ U.S. Crude Oil Inventories Show Modest Rebound

The Energy Information Administration (EIA) published a report on Wednesday indicating a slight recovery in U.S. crude oil inventories for the week ending September 6th.

According to the report, crude oil inventories increased by 0.8 million barrels last week, following a significant drop of 6.9 million barrels the prior week. Economists had projected a marginal rise of 0.9 million barrels.

Despite the increase, U.S. crude oil inventories stand at 419.1 million barrels, approximately 4 percent below the five-year average for this period, as noted by the EIA.

The report also highlighted a rise in gasoline inventories, which grew by 2.3 million barrels last week. However, these inventories are still about 1 percent below the five-year average for this time of year.

Furthermore, distillate fuel inventories, encompassing heating oil and diesel, saw an increase of 2.3 million barrels last week. Nonetheless, they remain roughly 8 percent below the five-year average for this time of year.