U.S. Crude Oil Inventories Dip Less Than Expected

(RTTNews) - The Energy Information Administration released a report on Wednesday showing a modest decrease by U.S. crude oil inventories in the week ended December 13th.

The report said crude oil inventories dipped by 0.9 percent million barrels last week after falling by 1.4 million barrels in the previous week. Economists had expected crude oil inventories to decline by 1.7 million barrels.

At 421.0 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 EIA said distillate fuel inventories, which include heating oil and diesel, also slumped by 3.2 million barrels last week and are about 7 percent below the five-year average for this time of year.

Meanwhile, the report said gasoline inventories increased by 2.3 million barrels last week but remain about 3 percent below the five-year average for this time of year.