U.S. Crude Oil Inventories Dip Less Than Expected

(RTTNews) - Crude oil inventories in the U.S. decreased by less than expected in the week ended January 17th, according to a report released by the Energy Information Administration on Thursday.

The EIA said crude oil inventories dipped by 1.0 million barrels last week after falling by 2.0 million barrels in the previous week. Economists had expected crude oil inventories to decline by 2.1 million barrels.

At 411.7 million barrels, U.S. crude oil inventories are about 6 percent below the five-year average for this time of year, the EIA said.

The report said distillate fuel inventories, which include heating oil and diesel, also decreased by 3.1 million barrels last week and are about 6 percent below the five-year average for this time of year.

Meanwhile, the EIA said gasoline inventories increased by 2.3 million barrels last week but remain 1 percent below the five-year average for this time of year.