U.S. Crude Oil Inventories Decrease More Than Expected, Extending Recent Slump

(RTTNews) - The Energy Information Administration released a report on Wednesday showing an extended slump in U.S. crude oil inventories in the week ended October 16th.

The report said crude oil inventories fell by 3.1 million barrels last week after tumbling by 8.6 million barrels in the previous week. Economists had expected crude oil inventories to dip by 0.8 million barrels.

At 412.5 million barrels, U.S. crude oil inventories are 3 percent below the five-year average for this time of year, the EIA said.

The EIA said gasoline inventories also decreased by 3.0 million barrels last week and are 5 percent below the five-year average for this time of year.

Meanwhile, distillate inventories, which include heating oil and diesel, rose by 1.7 million barrels last week but remain 9 percent below the five-year average for this time of year, the report said.