US crude oil stocks fall for eighth straight week

Oil tanks

US crude oil inventories decreased during the week ended Jan. 10, marking their eighth consecutive weekly decline. The drop exceeded expectations, although gasoline and distillate inventories increased for the same week.

Data released by the US Energy Information Administration (EIA) today, Jan. 15, showed that commercial crude oil inventories fell by two million barrels last week, surpassing forecasts of a near 1.1-million-barrel slump.

Meanwhile, gasoline inventories increased by 5.9 million barrels, while distillate stocks—including diesel and heating oil—rose by about 3.1 million barrels.