Breaking: Oil Inventories Soared by 19.25M Barrels Last Week: EIA - Investing.com

© Reuters.

By Kim Khan 

Investing.com - Stockpiles of U.S. crude posted another huge build last week, the Energy Information Administration reported Wednesday, as demand destruction from the Covid-19 pandemic continued.

jumped by 19.25 million barrels for the week ended April 3, the EIA said. That compared with expectations for a build of about 11.7 million barrels, according to forecasts compiled by Investing.com.

rose by 4.9 million barrels, versus forecasts for a rise of about 6.4 million barrels. climbed by 6.3 million barrels, compared with expectations for a build of about 1.4 million barrels.

fell 1.2%. They were down around 0.6% before the report arrived, having earlier posted a new low for 2020 of $19.21 a barrel.

Global oil demand is likely to drop by a record 9.3 million barrels per day in 2020, the International Energy Agency said earlier today. 

Demand in April is estimated to be 29 million barrels a day lower than a year ago, down to a level last seen in 1995, the IEA said in its monthly Oil Market Report, while demand in the second quarter of this year is expected to be 23.1 million barrels a day below year-ago levels.

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2020-04-15 14:33:00Z
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