U.S. Crude Oil Inventories Unexpectedly Edge Lower

(RTTNews) - The Energy Information Administration released a report on Wednesday unexpectedly showing a modest decrease by U.S. crude oil inventories in the week ended October 25th.

The report said crude oil inventories edged down by 0.5 million barrels last week after surging by 5.5 million barrels in the previous week. Economists had expected crude oil inventories to jump by 2.3 million barrels.

At 425.5 million barrels, U.S. crude oil inventories are about 4 percent below the five-year average for this time of year, the EIA said.

The report said gasoline inventories also fell by 2.7 million barrels last week and are about 3 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also dipped by 1.0 million barrels last week and are about 9 percent below the five-year average for this time of year.