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KostiaForexMart
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28.05.2020, 18:21

US oil inventories unexpectedly rose 1.5% over the week

According to the US Energy Information Administration (IEA), commercial oil reserves in the country for the week ending May 22 grew by 7.9 million barrels, or 1.5%, to 534.4 million barrels. Analysts had forecast a decline in stocks of 1.9 million barrels.

At the same time, gasoline inventories decreased by 0.7 million barrels, or 0.3%, to 255 million barrels. Forecasts suggested growth of 0.1 million barrels.

Distillate stocks over the same week increased by 5.5 million barrels, or 3.5%, to 164.3 million barrels. An increase of 1.8 million barrels was predicted.

The strategic oil reserve in the country increased compared to the previous week by 2.1 million barrels, or 0.3%, to 643.8 million barrels.
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KostiaForexMart
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9 hours ago

May 29. Italian economy experienced the strongest GDP decline in history in Q1

According to the final data of the statistical agency Istat, the Italian economy in the first quarter of 2020 decreased by 5.3% in quarterly terms and by 5.4% in annual terms. This was the largest drop in GDP since the start of statistics in 1996.

Preliminary data indicated an economic contraction of 4.7% in quarterly terms and 4.8% in annual terms.

In the fourth quarter of 2019, Italian GDP fell by 0.2% compared to the previous quarter, and not by 0.3%, as previously reported.

Consumer spending in Italy in January-March fell by 6.6% in quarterly terms, business investment fell by 8.1%, government spending fell by 0.3%. The volume of imports and exports decreased by 6.2% and 8% respectively compared to the previous quarter.

In recent weeks, the spread of Covid-19 disease and the number of people dying from it have been rapidly falling in Italy. The country is gradually loosening quarantine restrictions.
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