Oil prices rebound as crude inventory weakened

Crude oil prices on Wednesday rose after the Energy Information Administration reported a crude oil inventory decline of one million barrels for the week to October 16.

According to the EIA report, it came a day after the American Petroleum Institute pressured prices by reporting an unexpected build in inventories at a little over half a million barrels.

In gasoline, the EIA reported an inventory increase of 1.9m barrels for the week to October 16, which compared with a draw of 1.6m barrels that helped stabilise prices temporarily.

Gasoline production last week averaged 8.9m bpd, compared with 9.2m bpd a week earlier.

In distillate fuels, the authority reported an inventory fall of 3.8m barrels for last week. This compared with a weighty draw of 7.2m barrels reported for the previous week.

Distillate fuel production averaged 4.1m bpd last week, compared to 4.3m bpd a week earlier.

Refinery runs averaged 13m barrels daily, compared to 13.6m bpd a week earlier, operating at 72.9 per cent of capacity, versus 75.1 per cent of capacity during the previous week.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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