US Crude Oil Inventories fell by 3.4 million barrels

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Wednesday, May 11 2016

US crude oil inventories shrinking by 3.4 million barrels in the week ending May 6. The total US stockpile decreased to 540 million barrels, but still remains near the highest levels on record. The consensus among analysts was for a small build of 500 thousand barrels, according to a Thomson Reuters survey.

Input into crude oil refineries averaged 193,000 more barrels per day than the prior week’s average, bringing the average inputs to 16.2 million barrels per day. Gasoline production increased for the week, averaging about 10.1 million barrels per day. The production of distillate fuel (diesel and fuel oils) also climbed, averaging over 4.6 million barrels per day. The aggregate motor gasoline stockpile dropped by 1.2 million barrels last week.

Euro is currently being traded few points above 1.1430 level, Sterling is around 1.4470 handle, while Aussie is at 0.7380 area.

More in this category: « Euro slightly higher in a quite Wednesday's trade MI Inflationary Expectations down to 3.2% »

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