Petroleum imports decreased by 389,000 bpd from the previous week, balancing 6.2 million bpd. Over the previous 4 weeks, petroleum imports balanced 6.4 million bpd.
Strategic Petroleum Reserve increased from 382.6 million barrels to 382.9 million barrels as U.S. continued to purchase oil for reserves.
Domestic oil production increased from 13.3 million bpd to 13.4 million bpd, which was a bearish advancement for the marketplace.
WTI oil moved far from session lows as traders responded to the EIA report. Presently, WTI oil is attempting to kick back above the $72.50 level. The substantial decrease in gas stocks offered some assistance to the marketplace. From a broad view perspective, oil traders remain concentrated on the advancements in the Middle East, which will stay the crucial motorist for oil costs in the upcoming trading sessions.
Brent oil acquired some ground after the release of the report and moved towards the $76.00 level.
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