U.S. Crude Oil Inventories Fall More Than Expected

(RTTNews) - A report released by the Energy Information Administration on Wednesday showed U.S. crude oil inventories declined by more than expected in the week ended October 23rd.

The EIA said crude oil inventories fell by 1.9 million barrels last week after decreasing by 3.1 million barrels in the previous week. Economists had expected crude oil inventories to edge down by 0.3 million barrels.

At 410.6 million barrels, U.S. crude oil inventories are 4 percent below five-year average for this time of year, the report said.

The EIA said distillate inventories, which include heating oil and diesel, also dipped by 1.5 million barrels last week and are 10 percent below the five-year average for this time of year.

Meanwhile, the report said gasoline inventories increased by 3.9 million barrels last week but remain 2 percent below the five-year average for this time of year.