U.S. Crude Oil Inventories Fall Much More Than Expected

(RTTNews) - Crude oil inventories in the U.S. decreased by much more than expected in the week ended May 8th, according to a report released by the Energy Information Administration on Wednesday.

The EIA said crude oil inventories slumped by 4.3 million barrels last week after falling by 2.3 million barrels in the previous week. Economists had expected crude oil inventories to drop by 2.1 million barrels.

At 452.9 million barrels, U.S. crude oil inventories are about 0.3 percent below the five-year average for this time of year, the report said.

The report said gasoline inventories also slid by 4.1 million barrels last week and are 5 percent below the five-year average for this time of year.

Meanwhile, the EIA said distillate fuel inventories, which include heating oil and diesel, crept up by 0.2 million barrels last week but remain about 9 percent below the five-year average for this time of year.