Urgent: US oil inventories worse than market expectations!

The data released by the U.S. Energy Information Administration today, Wednesday, showed negative figures for U.S. oil inventories for the week ending December 13, as the numbers came in worse than market expectations for the first time in three weeks.

Oil inventories decreased by 0.9 million barrels during the past week, which was worse than the forecasts that indicated a decline of only about 1.7 million barrels. This decrease in U.S. oil inventories follows a previous decrease of approximately 1.4 million barrels in crude oil inventories during the week before.

During today's trading, the spot prices for West Texas Intermediate crude oil are trading up by 0.93% to record $70.40 per barrel. It is expected that this data will have a significant impact on oil during the upcoming trading sessions.

Markets are paying great attention to U.S. oil inventory data due to its direct impact on crude oil prices. Additionally, fluctuations in petroleum product prices have noticeable effects on inflation rates, as well as their impact on industries that rely heavily on crude oil.

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