© Reuters.
Investing.com – Stockpiles of tumbled much more than expected last week, the Energy Information Administration said Friday. Oil prices, already surging on Mideast tensions, remained sharply higher.
sank by 11.46 million barrels for the week ended Dec. 27, the EIA reported. The market was expecting stockpiles to have dropped by about 3.3 million barrels, according to forecasts compiled by Investing.com.
rose by 3.2 million barrels, versus forecasts for a rise of 1.1 million barrels. surged by 8.8 million barrels, compared with expectations for a build of 1.8 million barrels.
were up about 3.5%.
The numbers were delayed until Friday due to the New Year’s Day holiday.
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Source: Investing.com
