(RTTNews) - A report released by the Energy Information Administration on Wednesday showed crude oil inventories in the U.S. decreased by slightly less than expected in the week ended May 1st.
The EIA said crude oil inventories fell by 2.3 million barrels last week after tumbling by 6.2 million barrels in the previous week. Economists had expected crude oil inventories to shrink by 2.8 million barrels.
At 457.2 million barrels, U.S. crude oil inventories are still about 1 percent above the five-year average for this time of year, the EIA said.
The report said gasoline inventories also decreased by 2.5 million barrels last week and are 4 percent below the five-year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, also dipped by 1.3 million barrels last week and are about 11 percent below the five-year average for this time of year, the EIA said.
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