Over the past week, US oil stockpiles fell by at least 9.9 million barrels. Amidst the ongoing pandemic, supply and demand for oil has been unstable and the market continues to adjust forecasts accordingly.
According to data from the US Energy Information Administratio (EIA), distillate stockpiles, which include diesal and heating oil, fell 815,000 barrels in the past weak, greater than the 361,000 barrels based on expectation.
The EIA report also indicated that refinery crude oil runs fell by 39,000 barrels, while on the other hand, gasoline inventories rose by 2.47 million barrels compared to its expectations for 1.76 million barrels.
Currently US Oil trades at consolidation levels between 51.00 and 53.00.