U.S. Crude Oil Inventories Fall More Than Expected But Gasoline Inventories Surge

(RTTNews) - The Energy Information Administration released a report on Wednesday showing crude oil inventories in the U.S. fell by more than expected in the week ended January 10th.

The report said crude oil inventories slid by 2.0 million barrels last week after falling by 1.0 million barrels in the previous week. Economists had expected crude oil inventories to decrease by 1.6 million barrels.

At 412.7 million barrels, U.S. crude oil inventories are about 6 percent below the five-year average for this time of year, the EIA said.

Meanwhile, the report said gasoline inventories surged by 5.9 million barrels last week and are only slightly below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also jumped by 3.1 million barrels last week but are about 4 percent below the five-year average for this time of year, the EIA.