U.S. CRUDE OIL INVENTORIES BETTER THAN EXPECTED FOR THE SECOND CONSECUTIVE WEEK
U.S. CRUDE OIL INVENTORIES BETTER THAN EXPECTED FOR THE SECOND CONSECUTIVE WEEK
U.S. Energy Information Administration (EIA) data shows a decline of 5.1 million barrels in crude oil inventories for the week ending November 29.
The decrease is much larger than the expected 1.0 million barrel drop.
The previous week also saw a decline of about 1.8 million barrels in oil inventories.
U.S. West Texas Intermediate (WTI) crude prices fell by 0.14%, reaching $70.04 per barrel during Wednesday's trading session.
The better-than-expected inventory data is likely to influence crude oil prices for the rest of the session.
