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

U.S. Crude Oil Inventories Unexpectedly Decrease

10/17/2024 - 11:06:00 (RTTNews)

(RTTNews) - A report released by the Energy Information Administration on Thursday showed crude oil inventories in the U.S. unexpectedly decreased in the week ended October 11th.

The EIA said crude oil inventories fell by 2.2 million barrels last week after jumping by 5.8 million barrels in the previous week. Economists had expected crude oil inventories to rise by 2.3 million barrels.

At 420.5 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 gasoline inventories also decreased by 2.2 million barrels last week and are about 4 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also slumped by 3.5 million barrels last week and are about 10 percent below the five-year average for this time of year.

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