Oil Stockpiles Fell by 1 Million Barrels: EIA By Investing.com - Investing.com

investing.com -- Oil stockpiles declined roughly in line with expectations last week, according to the Energy Information Administration.

Crude oil inventories fell 1 million barrels, against expectations for a draw of 1.02 million barrels.

That comes a week after crude stocks fell 3.8 million barrels.

Crude oil stored at Cushing, Oklahoma, increased 975,000 barrels compared to an expected build of 1.1 million barrels.

Krishnan added: "The distillates draw at 3.8 million barrels stands out for being more than double to expectations and that could be due to the strong delivery-and-trucking activity as many people remained cloistered in their homes ordering everything from clothing to groceries." .

"To me, what really stands out in this report is the EIA’s production estimate of 9.9 million barrels per day for last week, which is down 600,000 bpd from the previous week, and doesn’t gel at all with the rise in U.S.