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Report on declining stocks lowers oil prices



Crude oil prices continued to fall today after the Energy Information Administration reported a 3.1 million barrel inventory for the week ended September 27.

Analysts had expected a modest increase of 1.57 million barrels after a week earlier EIA announced a construction of 2.4 million barrels. The Agency's most recent report is based on two successive camp superstructures.

The EIA also reported a 200,000-barrel decline in gasoline supplies during the week ending September 27, compared to a 500,000-barrel increase the previous week.

For distillate fuels, the agency estimated a 2.4 million barrel decline in inventories, compared to a decline of 3 million barrels in the previous week.

Refineries processed 1

6 million bpd of crude oil last week, also reporting the EIA with 10.1 million bpd of gasoline and 4.8 million bpd of distillate fuel. A week earlier, average gasoline production was 10.2 million bpd and average distillate fuel production was 5 million bpd.

At the time of writing, Brent crude was priced at $ 58.50 a barrel and West Texas Intermediate at $ 53.44, despite an optimistic stock estimate by the American Petroleum Institute yesterday that US crude oil inventories were up week-end As of September 27, 5.92 million barrels lost.

However, this was not enough for a sustainable rally, not only because everyone was waiting for the official EIA numbers, but also because of external factors. One of them was Aramco's announcement that Saudi oil production returned to normal after the attacks on a field and processing plant two weeks ago. Another problem was growing concern about the demand for the raw material.

This week's concerns have been compounded by the latest US production data, which has been the lowest for more than 10 years. The announcement of Ecuador to part with OPEC from next January has not helped either and has created more fear of oversupply.

Irina Slav for Oilprice.com

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