U.S. Crude Oil Inventories Edge Down Less Than Expected

(RTTNews) - A report released by the Energy Information Administration on Thursday showed a modest decrease in crude oil inventories in the U.S. in the week ended September 4th.

The EIA said crude oil inventories edged down by 0.4 million barrels last week after tumbling by 4.5 million barrels in the previous week. Economists had expected crude oil inventories to shrink by 1.6 million barrels.

At 424.1 million barrels, U.S. crude oil inventories match the five-year average for this time of year, the report said.

Meanwhile, the report said gasoline inventories rose by 1.3 million barrels last week but remain 5 percent below the five-year average for this time of year.

Distillate inventories, which include heating oil and diesel, also increased by 2.1 million barrels last week but are still 13 percent below the five-year average for this time of year, the EIA said.