US oil reserves fall to the lowest level in 20 years

US oil reserves fall to the lowest level in 20 years
US oil reserves fall to the lowest level in 20 years

Data from the US Energy Information Administration showed, on Wednesday, that crude oil stocks in the US Petroleum Reserve fell last week to the lowest level since November 2002.

The government agency also said that gasoline stocks rose last week to the highest level since February 2021.

Before the data was released, market sources, citing figures from the Petroleum Institute, said that inventories of both crude oil and distillates in the United States fell last week, while gasoline stocks rose.

According to the sources, data from the Petroleum Institute showed that US crude stocks It fell by 872,000 barrels for the week ending Jan. 21. Gasoline stocks increased by 2.4 million barrels, while distillate stocks decreased by 2.2 million barrels.

Crude stocks fell 4.6 million barrels in the week ending January 7 to 413.3 million barrels, while analysts polled by Reuters had expected a decline of 1.9 million barrels.

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