U.S. Crude Oil Inventories Pull Back Much More Than Expected

(RTTNews) - The Energy Information Administration released a report on Thursday showing U.S. crude oil inventories tumbled by much more than expected in the week ended May 24th.

The report said crude oil inventories slumped by 4.2 million barrels last week after climbing by 1.8 million barrels in the previous week. Economists had expected crude oil inventories to decrease by 1.9 million barrels.

With the sharp pullback, U.S. crude oil inventories are about 4 percent below the five-year average for this time of year, the EIA said.

Meanwhile, gasoline inventories increased by 2.0 million barrels last week but remain about 1 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also climbed by 2.5 million barrels last week but remain about 6 percent below the five-year average for this time of year.