U.S. Crude Oil Inventories Fall More Than Expected

(RTTNews) - Crude oil inventories in the U.S. decreased by more than expected in the week ended July 18th, according to a report released by the Energy Information Administration on Wednesday.

The EIA said crude oil inventories fell by 3.2 million barrels last week after declining by 3.9 million barrels in the previous week. Economists had expected crude oil inventories to dip by 1.4 million barrels.

At 419 million barrels, U.S. crude oil inventories are about 9 percent below the five-year average for this time of year, the EIA said.

The report said gasoline inventories also decreased by 1.7 million barrels last week but are slightly above the five-year average for this time of year.

Meanwhile, the EIA said distillate fuel inventories, which include heating oil and diesel, increased by 2.9 million barrels last week but are about 19 percent below the five-year average for this time of year.