U.S. Crude Oil Inventories Decrease Slightly More Than Expected

(RTTNews) - Crude oil inventories in the U.S. decreased by slightly more than expected in the week ended July 5th, according to a report released by the Energy Information Administration on Wednesday.

The report said crude oil inventories fell by 3.4 million barrels last week after plunging by 12.2 million barrels in the previous week. Economists had expected crude oil inventories to decline by 3.0 million barrels.

At 445.1 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 EIA said gasoline inventories also decreased by 2.0 million barrels last week and are 1 percent below the five-year average for this time of year.

Meanwhile, the report said distillate fuel inventories, which include heating oil and diesel, surged by 4.9 million barrels last week but are about 8 percent below the five-year average for this time of year.