Crude oil inventories in the United States shed 8 million barrels last week, the Energy Information Administration reported a day after the American Petroleum Institute estimated an 8-million-barrel draw that pushed oil prices higher.
At 484.4 million barrels, U.S. crude oil inventories remain above the five-year average for this time of the year when demand tends to be weaker. Yet the resurgence in coronavirus cases in the country will likely lead to a further weakening of oil demand, driving builds in inventories.
The EIA also reported a 1.5-million-barrel build in gasoline inventories for the week to October 30, compared with a decline of 900,000 barrels for the previous week.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.
