U.S. Crude Oil Inventories Decrease Less Than Expected

(RTTNews) - Crude oil inventories in the U.S. fell by less than expected in the week ended December 27th, according to a report released by the Energy Information Administration on Thursday.

The report said crude oil inventories decreased by 1.2 million barrels last week after tumbling by 4.2 million barrels in the previous week. Economists had expected crude oil inventories to slump by 2.8 million barrels.

At 415.6 million barrels, U.S. crude oil inventories are about 5 percent below the five-year average for this time of year, the EIA said.

Meanwhile, the report said gasoline inventories surged by 7.7 million barrels last week and are only slightly below the five-year average for this time of year.

The EIA said distillate fuel inventories, which include heating oil and diesel, also jumped by 6.4 million barrels last week but are about 6 percent below the five-year average for this time of year.