U.S. Crude Oil Inventories Fall Less Than Expected

(RTTNews) - A report released by the Energy Information Administration on Thursday showed crude oil inventories in the U.S. decreased by less than expected in the week ended May 22nd.

The EIA said crude oil inventories slid by 3.3 million barrels last week after plunging by 7.9 million barrels in the previous week. Economists had expected crude oil inventories to tumble by 5.0 million barrels.

At 441.7 million barrels, U.S. crude oil inventories are about 2 percent below the five-year average for this time of year, the report said.

The report said gasoline inventories also fell by 2.6 million barrels last week and are 6 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also declined by 2.1 million barrels last week and are about 11 percent below the five-year average for this time of year, the EIA said.