EIA crude oil inventory declines more than expected

The US Energy Information Agency (EIA) released a report on Wednesday showing that US crude oil inventory decreased again last week, but gasoline and refined oil inventory increased both. According to EIA, U.S. crude oil inventory decreased by 4856 barrels to 447.1 million barrels in the week ended November 29, a further decline after five consecutive weeks of growth, and the largest decline since the week of September 13 (12 weeks), with a market forecast of a decrease of 1.166 million barrels. More data show that crude oil inventory in Cushing, Oklahoma, decreased by 302000 barrels last week, recording a decline for four consecutive weeks. U.S. refined oil inventories rose 3.063 million barrels, the largest increase since the week of July 19 (20 weeks), with market estimates for an increase of 137000 barrels. Gasoline inventory in the United States increased by 3.385 million barrels, recording growth for four consecutive weeks, with the market predicting an increase of 1.404 million barrels. Last week, U.S. crude oil exports fell 345000 barrels / day to 3.135 million barrels / day, recording another decline after three consecutive weeks of growth; last week, U.S. crude oil imports fell 201000 barrels / day to 5.989 million barrels / day. According to EIA data, the capacity utilization rate of the refinery increased sharply by 2.6% to 91.9%. In addition, domestic crude oil production in the United States was flat last week at a record high of 12.9 million barrels per day.