News Column

Oil supply declines less than expected

September 4, 2014

U.S. crude-oil inventories declined 900,000 barrels in the week ended Aug. 29, the Energy Information Administration said Thursday.

Analysts polled by Platts had expected crude stockpiles to decline two million barrels.

Crude-oil futures declined further on the news, with the October contract down 0.9% at $94.72 U.S. a barrel on the New York Mercantile Exchange.

The EIA also reported gasoline inventories decreased 2.3 million barrels, and distillates inventories rose 600,000 barrels.

The analysts polled by Platts had expected gasoline stocks down 1.6 million barrels and distillate stocks down 1.2 million barrels.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Baystreet Commodities (Canada)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters