Oil stockpile declined 4.7 million barrels: EIA By Investing.com

© Reuters.

Investing.com — U.S. oil stockpiles fell by more than expected last week, according to the latest government data.

declined 4.7 million barrels, the Energy Information Administration said. Expectations were for a draw of 3.7 million barrels after a decline of  1.6 million the previous week. It is the fifth straight week of declines.

On Tuesday, the ‘s own weekly report showed crude inventory fell 4.5 million barrels,slightly ahead of expectations.

Oil stored at , Oklahoma, fell 279,000 barrels last week, the EIA said.

The reports come as Hurricane Laura bears down on the U.S. drilling and refining hub along the Gulf Coast, where producers have shut operations in preparation for the powerful storm’s landfall later Wednesday or Thursday.

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