WASHINGTON (dpa-AFX) - After reporting an unexpected increase by U.S. crude oil inventories in the previous week, the Energy Information Administration released a report on Wednesday showing a sharp pullback by crude oil inventories in the week ended April 24th.
The EIA said crude oil inventories plunged by 6.2 million barrels last week after climbing by 1.9 million barrels in the previous week.
At 459.5 million barrels, U.S. crude oil inventories are still about 1 percent above the five-year average for this time of year, the EIA said.
The report said gasoline inventories also tumbled by 6.1 million barrels last week and are 2 percent below the five-year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, also slumped by 4.5 million barrels last week and are about 11 percent below the five-year average for this time of year, the EIA said.
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