U.S. Crude Oil Inventories Unexpectedly Edge Lower

(RTTNews) - Crude oil inventories in the U.S. unexpectedly edged modestly lower in the week ended October 30th, according to a report released by the Energy Information Administration on Wednesday.

The EIA said crude oil inventories dipped by 0.9 million barrels last week after falling by 1.9 million barrels in the previous week. Economists had expected crude oil inventories to inch up by 0.9 million barrels.

At 409.8 million barrels, U.S. crude oil inventories are 4 percent below five-year average for this time of year, the report said.

The report said gasoline inventories also edged down by 0.2 million barrels last week and are 2 percent below the five-year average for this time of year.

Distillate inventories, which include heating oil and diesel, also fell by 3.6 million barrels last week and are 13 percent below the five-year average for this time of year.