Crude oil inventories in the United States saw a greater-than-anticipated decrease for the week ending July 5th, according to an Energy Information Administration (EIA) report released on Wednesday.
The report highlighted that crude oil inventories fell by 3.4 million barrels, following a substantial decline of 12.2 million barrels the previous week. Economists had projected a decline of 3.0 million barrels.
U.S. crude oil inventories now stand at 445.1 million barrels, approximately 4 percent below the five-year average for this period, the EIA noted.
Additionally, the EIA reported a decrease in gasoline inventories by 2.0 million barrels, putting them 1 percent below the five-year average for this time of year.
Conversely, the report indicated that distillate fuel inventories—which include heating oil and diesel—rose sharply by 4.9 million barrels last week. Nevertheless, these inventories remain about 8 percent below the five-year average for this time of year.
