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

(RTTNews) - The Energy Information Administration released a report on Wednesday showing a much sharper-than-expected pullback by U.S. crude oil inventories in the week ended July 24th.

The report said crude oil inventories plunged by 7.2 million barrels last week after climbing by 2.0 million barrels in the previous week. Economists had expected crude oil inventories to fall by 2.5 million barrels.

At 404.5 million barrels, U.S. crude oil inventories are about 7 percent below the five-year average for this time of year, the EIA said.

Meanwhile, the EIA said gasoline inventories increased slightly last week but remain 6 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also rose by 1.1 million barrels last week but are still about 9 percent below the five-year average for this time of year, the report said.