Energy Preview: Crude Breaks Higher, EIA Crude Inventories 13% Under Five Year Average

24 Mar 2022 , 08:52 AM

WTI Crude surged around 5% to approach $115 per barrel mark as falling US inventories boosted the buying support. The US crude oil stockpiles fell yet again, the Energy Information Administration said on Wednesday. Crude oil inventories declined by 2.508 million barrels last week. Distillate stockpiles, which include diesel and heating oil also fell by 2.071 million barrels while Gasoline inventories fell 2.947 million barrels last week. The Crude-oil stockpiles in the US are now about 13% below the five-year average, the EIA said.

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