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Oil Stocks Top Estimates
The U.S. Energy Information Administration reported that crude oil, gasoline, and distillate inventories rose in the week ended November 6, contrary to analysts’ expectations for declines. Crude inventories increased by 4.7 million barrels to 414.4 million, compared with expectations for a 1.1-million-barrel decrease. Gasoline inventories rose by 1.8 million barrels to 210.8 million, instead of the expected decline of 84,000 barrels. Distillate inventories also climbed by 4.1 million barrels to 103.3 million, while forecasts had called for a 1-million-barrel decrease.
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