U.S. Crude Oil Inventories Dip Much Less Than Expected

(RTTNews) - After reporting a sharp pullback by U.S. crude oil inventories in the previous week, the Energy Information Administration released a report on Wednesday showing crude oil inventories dipped by much less than expected in the week ended August 23rd.

The EIA said crude oil inventories edged down by 0.8 million barrels last week after tumbling by 4.6 million barrels in the previous week. Economists had expected crude oil inventories to decrease by 3.0 million barrels.

At 425.2 million barrels, U.S. crude oil inventories are about 4 percent below the five-year average for this time of year, the EIA added.

The report also said gasoline inventories fell by 2.2 million barrels last week and are about 3 percent below the five-year average for this time of year.

Meanwhile, distillate fuel inventories, which include heating oil and diesel, crept up by 0.3 million barrels last week but are about 10 percent below the five-year average for this time of year.