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

(RTTNews) - The Energy Information Administration released a report on Wednesday showed U.S. crude oil inventories pulled back much more than expected in the week ended September 12th.

The report said crude oil inventories plunged by 9.3 million barrels last week after jumping by 3.9 million barrels in the previous week. Economists had expected crude oil inventories to dip by 1.5 million barrels.

At 415.4 million barrels, U.S. crude oil inventories are about 5 percent below the five-year average for this time of year, the EIA said.

The EIA said gasoline inventories also fell by 2.3 barrels last week and are 1 percent below the five-year average for this time of year.

Meanwhile, the report said distillate fuel inventories, which include heating oil and diesel, increased by 4 million barrels last week but remain about 8 percent below the five-year average for this time of year.