U.S. Crude Oil Inventories Decrease Slightly Less Than Expected

(RTTNews) - Crude oil inventories in the U.S. decreased by slightly less than expected in the week ended December 26th, according to a report released by the Energy Information Administration on Wednesday.

The EIA said crude oil inventories fell by 1.9 million barrels last week after inching up by 0.4 million barrels in the previous week. Economists had expected crude oil inventories to shrink by 2.0 million barrels.

At 422.9 million barrels, U.S. crude oil inventories are about 3 percent below the five-year average for this time of year, the EIA said.

Meanwhile, the report said gasoline inventories surged by 5.8 million barrels last week and are about 2 percent above the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also jumped by 5.0 million barrels last week but remain about 4 percent below the five-year average for this time of year, the EIA said.