U.S. Crude Oil Inventories Dip Last Week - EIA

(RTTNews) - Crude oil inventories in the U.S. moved down during the week ended December 27, official data showed Friday.

The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories decreased 7.0 million barrels to 360.60 million barrels last week, but are above the upper limit of the average range for this time of year.

The week before, crude oil inventories decreased 4.70 million barrels to 367.60 million barrels.

Meanwhile, total motor gasoline inventories moved up 0.80 million barrels last week, after shedding 0.60 million barrels in the prior week, and are in the upper half of the average range.

Analyst expected crude oil inventories to fall by 2.20 million barrels last week.

Late Tuesday, data from the API revealed that U.S. crude oil inventories dived 5.70 million barrels in the weekended December 27.

Oil refinery inputs averaged over 16.2 million barrels per day during the week, which were 14,000 barrels per day higher than the previous week's average as refineries operated at 92.40 percent of their operable capacity.

Meantime, U.S. crude oil imports during the week averaged 7.50 million barrels per day last week, down by 40,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged 7.40 million barrels per day, 7.50 percent below the same four-week period last year.

Light Sweet Crude Oil (WTI) futures for February delivery are down $1.02 to $94.42 a barrel.