EIA: U.S. Crude Oil Production, Inventories Drop

U.S. Energy Information Administration on Wednesday reported U.S. crude oil refineries saw a drop in the number of barrels produced this week, contradicting a report from the American Petroleum Institutes' showing that inventories had risen.

In the week ending Nov. 4, refineries averaged 14.3 million barrels per day, down 358,000 barrels from the previous week despite working more than 82 percent of their operable capacity, according to the EIA.

The report also stated commercial crude oil inventories nationwide decreased by 1.4 million barrels from last week. Gasoline production also decreased last week, averaging 8.8 million barrels per day

The report clashes with data from the American Petroleum Institutes's weekly report released Tuesday, which stated that crude oil supplies saw moderate increases.

In API's report, crude oil reserves crept up by 148,000 barrels, while gasoline reserves fell by 1.5 million barrels.