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

(RTTNews) - Crude oil inventories in the U.S. decreased by much more than expected in the week ended June 5th, according to a report released by the Energy Information Administration on Wednesday.

The EIA said crude oil inventories slumped by 7.2 million barrels last week after tumbling by 8.0 million barrels in the previous week. Economists had expected crude oil inventories to fall by 4.0 million barrels.

At 426.5 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 report said distillate fuel inventories, which include heating oil and diesel, also edged down by 0.2 million barrels last week and are about 13 percent below the five-year average for this time of year.

Meanwhile, the EIA said gasoline inventories crept up by 0.2 million barrels last week but remain 6 percent below the five-year average for this time of year.