US crude oil inventories experienced a decline following four consecutive weeks of increase, surpassing the average expectations. Conversely, distillate stocks rose contrary to predictions.
According to data from the Energy Information Administration (EIA), crude oil inventories decreased by 6.4 million barrels for the week ending April 19, exceeding the projected decrease of 2.1 million barrels from the S&P Global Commodity Insights survey.
During the same period, gasoline stocks decreased by 600,000 barrels, falling short of the anticipated decline of 1.1 million barrels.
In contrast, distillate stocks, encompassing diesel and heating oil, increased by approximately 1.6 million barrels, contrary to market forecasts of an 84,000-barrel decrease.
