Oil still falls sharply after EIA reports increase in US crude inventories

Oil futures prices remained strong on Wednesday after the Energy Information Administration said US crude inventories rose 1.6 million barrels last week. Crude oil fell sharply as bank shares continued to fall, stoking fears of a recession. At 480.1 million barrels, US crude inventories are about 7% higher than the five-year average for this time of year, the EIA said. Total motor gasoline stocks fell by 2.1 million barrels, while distillate stocks fell by 2.5 million barrels. Analysts surveyed by The Wall Street Journal expect crude inventories to fall by 100,000 barrels on average, while gasoline…


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