U.S. Crude Oil Inventories Unexpectedly Decrease

(RTTNews) - A report released by the Energy Information Administration on Wednesday showed an unexpected decrease by U.S. crude oil inventories in the week ended July 12th.

The EIA said crude oil inventories slid by 4.9 million barrels last week after falling by 3.4 million barrels in the previous week. Economists had expected crude oil inventories to rise by 0.8 million barrels.

At 440.2 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 increased by 3.3 million barrels last week and are slightly above the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also climbed by 3.5 million barrels week but remain about 7 percent below the five-year average for this time of year.