US oil inventories shed 6.4M barrels after four straight weeks of gains

Oil tanks

US crude oil inventories pulled back after rising for four consecutive weeks, at a pace that exceeded the average consensus. Meanwhile, distillate stocks increased against forecasts.

Data released by the Energy Information Administration (EIA) showed that crude oil inventories dropped by 6.4 million barrels in the week ended April 19, versus the S&P Global Commodity Insights survey's projection for a decrease of 2.1 million barrels.

Gasoline stocks, however, shed 600,000 barrels during the same week, below expectations for a 1.1-million-barrel decline.

Meanwhile, distillate stocks, which include diesel and heating oil, increased by roughly 1.6 million barrels, although market forecasts suggested a fall of 84,000 barrels.