Oil: rise in US stocks twice as high as expected

Crude reserves increased by 800,000 barrels on November 13, while experts were forecasting a median increase of 1.6 million barrels.

US crude oil trade reserves edged up last week, slightly below analysts’ expectations, according to a weekly report released Wednesday.

According to figures from the US Energy Information Agency (EIA), crude stocks rose 800,000 barrels as of November 13, standing at 489.5 million barrels (MB).

Experts polled by the Bloomberg agency expected a median increase of 1.6 MB.

Gasoline inventories, for their part, increased by 2.6 MB where analysts expected a small increase of 800,000 barrels.

Reserves of distillate products (fuel oil and heating gas) fell by 5.2 MB, much more than analysts’ forecasts.

The prices of black gold, already boosted before the publication of the report by positive news on the effectiveness of future vaccines against the coronavirus, continued to rise after the publication of the American report.

In New York, around 4:00 p.m. GMT, the US barrel of WTI for December appreciated 1.04% to $ 41.86.

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