U.S. Crude Oil Inventories Unexpectedly Decrease By 2.8 Million Barrels

(RTTNews) - Crude oil inventories in the U.S. unexpectedly decreased in the week ended May 23rd, according to a report released by the Energy Information Administration on Thursday.

The EIA said crude oil inventories fell by 2.8 million barrels last week after climbing by 1.3 million barrels in the previous week. Economists had expected crude oil inventories to rise by 1.0 million barrels.

At 440.4 million barrels, U.S. crude oil inventories are about 6 percent below the five-year average for this time of year, the EIA said.

The report said gasoline inventories also decreased by 2.4 million barrels last week and are about 3 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also dipped by 0.7 million barrels last week and are about 17 percent below the five-year average for this time of year, the EIA said.