U.S. Crude Oil Inventories Tumble Much More Than Expected

(RTTNews) - Crude oil inventories in the U.S. fell by much more than expected in the week ended November 29th, the Energy Information Administration revealed in a report released on Wednesday.

The EIA said crude oil inventories tumbled by 5.1 million barrels last week after falling by 1.8 million barrels in the previous week. Economists had expected crude oil inventories to dip by 1.0 million barrels.

At 423.4 million barrels, U.S. crude oil inventories are about 5 percent below the five-year average for this time of year, the EIA said.

Meanwhile, the report said gasoline inventories rose by 2.4 million barrels last week but remain about 4 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also increased by 3.4 million barrels last week but are about 5 percent below the five-year average for this time of year, the EIA said.