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EIA’s report reveals surprise surge in U.S. crude oil inventories

The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories surged by 5.431 million barrels in the week ended May 10. Economists had forecast a decrease of 1.200 million barrels.

At the same time, gasoline stocks declined by 1.123 million barrels, while analysts had expected a drop of 0.350 million barrels. Distillate stocks rose by 0.084 million barrels, while analysts had forecast a decrease of 0.719 million barrels.

Meanwhile, oil production in the U.S. decreased by 100,000 barrels a day to 12.100 million barrels a day.

U.S. crude oil imports averaged 7.6 million barrels per day last week, up by 919,000 barrels per day from the previous week.

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