U.S. Crude Oil Inventories Decrease More Than Expected

(RTTNews) - The Energy Information Administration released a report on Wednesday showing crude oil inventories in the U.S. decreased by more than expected in the week ended January 30th.

The report said crude oil inventories fell by 3.5 million barrels last week after declining by 2.3 million barrels in the previous week. Economists had expected crude oil inventories to dip by 2.0 million barrels.

At 420.3 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 distillate fuel inventories, which include heating oil and diesel, also slumped by 5.6 million barrels last week and are about 2 percent below the five-year average for this time of year.

Meanwhile, the report said gasoline inventories crept up by 0.7 million barrels last week and are about 4 percent above the five-year average for this time of year.