U.S. Crude Oil Inventories Decrease Modestly Less | Commodities
(RTTNews) – Crude oil inventories within the U.S. decreased by modestly much less than anticipated within the week ended May 2nd, in keeping with a report launched by the Energy Information Administration on Wednesday.
The report mentioned crude oil inventories fell by 2.0 million barrels final week after declining by 2.7 million barrels within the earlier week. Economists had anticipated crude oil inventories to lower by 2.5 million barrels.
At 438.4 million barrels, U.S. crude oil inventories are about 7 % beneath the five-year average for this time of yr, the EIA.
The EIA mentioned distillate fuel inventories, which embrace heating oil and diesel, additionally dipped by 1.1 million barrels final week and are about 13 % beneath the five-year average for this time of yr.
Meanwhile, the report mentioned gasoline inventories crept up by 0.2 % million barrels final week however stay about 3 % beneath the five-year average for this time of yr.
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