U.S. Crude Oil Inventories Unexpectedly Dip By 1.0 Million Barrels

(RTTNews) - Crude oil inventories in the U.S. unexpectedly decreased in the week ended October 17th, according to a report released by the Energy Information Administration on Wednesday.

The EIA said crude oil inventories dipped by 1.0 million barrels last week after jumping by 3.5 million barrels in the previous week. Economists had expected crude oil inventories to increase by 1.8 million barrels.

At 422.8 million barrels, U.S. crude oil inventories are about 4 percent below the five-year average for this time of year, the EIA said.

The report said gasoline inventories also fell by 2.1 million barrels last week and are slightly below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also decreased by 1.5 million barrels last week and are about 7 percent below the five-year average for this time of year, the EIA said.