U.S. Crude Oil Inventories Tumble Much More Than Expected

(RTTNews) - Crude oil inventories in the U.S. tumbled by much more than expected in the week ended August 30th, according to a report released by the Energy Information Administration on Thursday.

The report said crude oil inventories dove by 6.9 million barrels last week after slipping by 0.8 million barrels in the previous week. Economists had expected crude oil inventories to dip by 0.9 million.

At 418.3 million barrels, U.S. crude oil inventories are about 5 percent below the five-year average for this time of year, the EIA added.

Distillate fuel inventories, which include heating oil and diesel, also edged down by 0.4 million barrels last week and are about 10 percent below the five-year average for this time of year.

Meanwhile, gasoline inventories rose by 0.8 million barrels last week but are about 2 percent below the five-year average for this time of year.