U.S. Crude Oil Inventories Pull Back Much More Than Expected

(RTTNews) - After reporting a sharp increase by U.S. crude oil inventories in the previous week, the Energy Information Administration released a report on Wednesday showing crude oil inventories pulled back by much more than expected in the week ended July 11th.

The EIA said crude oil inventories slid by 3.9 million barrels last week after jumping by 7.1 million barrels in the previous week. Economists had expected crude oil inventories to dip by 1.8 million barrels.

At 422.2 million barrels, U.S. crude oil inventories are about 8 percent below the five-year average for this time of year, the report said.

Meanwhile, the report said gasoline inventories increased by 3.4 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 shot up by 4.2 million barrels last week but remain about 21 percent below the five-year average for this time of year, the EIA said.