Rude stocks fell 4.5 million barrels last week: EIA At Investing.com

Investing.com – US oil supplies fell more than expected last week, according to data released by the Energy Information Administration on Wednesday.

Inventories for the week ending August 8 fell by 4.5 million tons, compared to expectations for a pull of 2.9 million tons. The data is consistent with Tuesday’s report, which last week’s draw estimated at 4.4 million barrels.

That is less than the 7.4 million barrel drawings seen last week, but several newswire reports have suggested that the numbers could support the real demand of end users, in as much as more than 2 million barrels of raw material was passed last week shifted from the Strategic Petroleum Reserve to commercial supplies.

Shares of and also fell by something more than expected.

As a result, raw prices were barely offset by the release. At 10:45 AM ET (1445 GMT), prices were up 2.1% at $ 42.47 a barrel, while prices were up 1.8% at $ 45.29 a barrel.

Prices were supported all day by a rebound in risk assets following Tuesday’s sharp sell-off. A 0.6% increase in the US consumer price index last month helped market participants trust that the Federal Reserve’s efforts to reflect the economy were still on track, despite suffering doubts about the fate of ‘ the current round of fiscal incentives, which remain deadlocked.

“A third of the rise in the CPI can be attributed to a second month of price increases at the gas pump,” Grant Thornton chief economist Diane Swonk said in emails.

Earlier in the day, the Organization of Petroleum Exporting Countries had fractionally lowered its expectations for global oil backlog in its monthly report for August. OPEC now expects average global consumption to fall by 9.06 million barrels per day this year, compared to the 8.95 million bd / d drop forecast last month. At the same time, it also expects global supply from outside OPEC to increase between now and the end of the year.