U.S. Crude Oil Inventories Decrease More Than Expected

(RTTNews) - A report released by the Energy Information Administration on Wednesday showed a continued decrease by U.S. crude oil inventories in the week ended December 6th.

The EIA said crude oil inventories fell by 1.4 million barrels last week after tumbling by 5.1 million barrels in the previous week. Economists had expected crude oil inventories to dip by 1.1 million barrels.

At 422.0 million barrels, U.S. crude oil inventories are about 6 percent below the five-year average for this time of year, the EIA said.

Meanwhile, the report said gasoline inventories jumped by 5.1 million barrels last week but remain about 4 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also increased by by 3.2 million barrels last week but remain about 4 percent below the five-year average for this time of year, the EIA said.