Oil Inventories Jumped 5.7 Million Barrels Last Week: EIA

Oil Inventories Jumped 5.7 Million Barrels Last Week: EIA

Investing.com  | Jun 10, 2020 22:34

Oil Inventories Jumped 5.7 Million Barrels Last Week: EIA

Investing.com -- Stockpiles of U.S. crude rose sharply, the Energy Information Administration said Wednesday, confounding analyst expectations.

Oil inventories jumped 5.7 million barrels for the week ended June 5, the EIA said. That compared to estimates for a draw of 1.7 million barrels, according to estimates compiled by Investing.com. Inventories fell 2.1 million barrels in the previous week.

Gasoline inventories rose 866,000 barrels, compared to an expected build of 70,000 barrels, the EIA said. 

WTI futures traded down 2.24% right after the report. They were down 2.16% ahead of the release.

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