U.S. Crude Oil Inventories Unexpectedly Edge Modestly Lower

(RTTNews) - After reporting a steep drop by U.S. crude oil inventories in the previous week, the Energy Information Administration released a report on Wednesday showing crude oil inventories unexpectedly saw further downside in the week ended September 19th.

The report said crude oil inventories edged down by 0.6 million barrels last week after plunging by 9.3 million barrels in the previous week. Economists had expected crude oil inventories to inch up by 0.8 million barrels.

At 414.8 million barrels, U.S. crude oil inventories are about 4 percent below the five-year average for this time of year, the EIA said.

The EIA said gasoline inventories also dipped by 1.1 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 fell by 1.7 million barrels last week and are about 8 percent below the five-year average for this time of year.