Financial News: U.S. Crude Oil Inventories Decrease Much More Than

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

09/18/2024 - 10:39:00 (RTTNews)

(RTTNews) - A report released by the Energy Information Administration on Wednesday showed crude oil inventories in the U.S. fell by much more than expected in the week ended September 13th.

The EIA said crude oil inventories decreased by 1.6 million barrels last week after rising by 0.8 million barrels in the previous week. Economists had expected crude oil inventories to edge down by 0.1 million barrels.

At 417.5 million barrels, U.S. crude oil inventories are about 4 percent below the five-year average for this time of year, the EIA added.

Meanwhile, the report said gasoline inventories crept up by 0.1 million barrels last week and are only slightly below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also inched up by 0.1 million barrels last week but are about 9 percent below the five-year average for this time of year.

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