Oil stocks increased 1.6 million barrels last week: EIA

US, WASHINGTON (ORDO NEWS) — US crude stocks rose less than expected last week, the Energy Information Administration reported on Wednesday.

Oil stocks rose 1.6 million barrels for the week ending March 20, the EIA said. This compared to expectations of a construction of about 2.8 million barrels, according to forecasts compiled by Investing.com.

The gasoline inventories fell 1.5 million barrels, while forecasts expected a decline of about 660,000 barrels. The distillate stocks fell by 680 000 barrels, while the forecast predicted a decline of 1.9 million barrels.

The futures on WTI fell by 2.8%. They were down more than 3% before the report.


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