Financial News: U.S. Crude Oil Inventories Fall More Than Expected

U.S. Crude Oil Inventories Fall More Than Expected

11/27/2024 - 11:05:00 (RTTNews)

(RTTNews) - The Energy Information Administration released a report on Wednesday showing U.S. crude oil inventories decreased by more than expected in the week ended November 22nd.

The report said crude oil inventories fell by 1.8 million barrels last week after edging up by 0.5 million barrels in the previous week. Economists had expected crude oil inventories to decline by 1.3 million barrels.

At 428.4 million barrels, U.S. crude oil inventories are about 5 percent below the five-year average for this time of year, the EIA said.

Meanwhile, the EIA said gasoline inventories increased by 3.3 million barrels last week but remain about 3 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also crept up by 0.4 million barrels last week but remain about 5 percent below the five-year average for this time of year, the EIA said.

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