U.S. Crude Oil Inventories Fall More Than Expected | Commodities
(RTTNews) – A report launched by the Energy Information Administration on Wednesday confirmed crude oil inventories within the U.S. fell by more than anticipated within the week ended July twenty sixth.
The EIA mentioned crude oil inventories slumped by 3.4 million barrels final week after tumbling by 3.7 million barrels within the earlier week. Economists had anticipated crude oil inventories to dip by 1.6 million barrels.
At 433.0 million barrels, U.S. crude oil inventories are about 4 % under the five-year average for this time of yr, the EIA mentioned.
The report mentioned gasoline inventories additionally decreased by 3.7 million barrels from final week and are about 3 % under the five-year average for this time of yr.
Meanwhile, distillate fuel inventories, which embrace heating oil and diesel, elevated by 1.5 million barrels final week however are about 7 % under the five-year average for this time of yr.
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