WASHINGTON (dpa-AFX) - The Energy Information Administration released a report on Wednesday showing crude oil inventories in the U.S. decreased by much more than expected in the week ended August 1st.
The report said crude oil inventories fell by 3.0 million barrels last week after surging by 7.7 million barrels in the previous week. Economists had expected crude oil inventories to slip by 1.1 million barrels.
At 423.7 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 gasoline inventories also dipped by 1.3 million barrels last week and are about 1 percent below the five-year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, also edged down by 0.6 million barrels last week and are about 16 percent below the five-year average for this time of year, the report said.
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