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Financial News: U.S. Crude Oil Inventories Unexpectedly Decrease For Secon

U.S. Crude Oil Inventories Unexpectedly Decrease For Second Straight Week

03/20/2024 - 10:48:00 (RTTNews)

(RTTNews) - Crude oil inventories in the U.S. unexpectedly continued to decrease in the week ended March 15th, according to a report released by the Energy Information Administration of Wednesday.

The report said crude oil inventories declined by 2.0 million billion barrels after falling by 1.5 million barrels in the previous week. Economists had expected inventories to inch slightly higher.

At 445.0 million barrels, U.S. crude oil inventories are about 3 percent below the five-year average for this time of year, the EIA said.

The EIA also said gasoline inventories slumped by 3.3 million barrels from the previous week and are about 2 percent the five-year average for this time of year.

Meanwhile, distillate fuel inventories, which include heating oil and diesel, edged up by 0.6 million barrels last week but are about 5 percent below the five-year average for this time of year.

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