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

(RTTNews) - A report released by the Energy Information Administration on Wednesday showed crude oil inventories in the U.S. decreased by much more than expected in the week ended August 15th.

The EIA said crude oil inventories tumbled by 6.0 million barrels last week after rising by rising by 3.0 million barrels in the previous week. Economists had expected crude oil inventories to dip by 1.3 million barrels.

At 420.7 million barrels, U.S. crude oil inventories are about 6 percent below the five-year average for this time of year, the report said.

The report said gasoline inventories also fell by 2.7 million barrels last week and are 1 percent below the five-year average for this time of year.

Meanwhile, the EIA said distillate fuel inventories, which include heating oil and diesel, rose by 2.3 million barrels last week but remain about 13 percent below the five-year average for this time of year.