U.S. Crude Oil Inventories Fall Much More Than | Commodities
(RTTNews) – A report launched by the Energy Information Administration on Wednesday confirmed crude oil inventories within the U.S. fell by a lot more than anticipated within the week ended April twenty fifth.
The EIA stated crude oil inventories slid by 2.7 million barrels final week after inching up by 0.2 million barrels within the earlier week. Economists had anticipated crude oil inventories to edge down by 0.6 million barrels.
At 440.4 million barrels, U.S. crude oil inventories are about 6 p.c beneath the five-year average for this time of yr, the EIA stated.
The report additionally confirmed gasoline inventories slumped by 4.0 million barrels final week and are about 4 p.c beneath the five-year average for this time of yr.
Meanwhile, the EIA stated distillate fuel inventories, which embody heating oil and diesel, rose by 0.9 million barrels final week however stay about 13 p.c beneath the five-year average for this time of yr.
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