Crude oil inventories in the United States experienced a significant decline, exceeding expectations for the week ending November 29th, according to a report by the Energy Information Administration (EIA) released on Wednesday.
The report highlighted that crude oil inventories decreased by 5.1 million barrels over the past week, following a reduction of 1.8 million barrels the previous week. This decline surpassed the economists' forecast, which anticipated a reduction of only 1.0 million barrels.
Currently, U.S. crude oil inventories stand at 423.4 million barrels, approximately 5% below the five-year average for this time of year, as noted by the EIA.
Conversely, the report indicated an increase in gasoline inventories, which grew by 2.4 million barrels last week, although they remain about 4% below the five-year average for this season.
Additionally, distillate fuel inventories, encompassing heating oil and diesel, also saw an increase of 3.4 million barrels last week. Despite this growth, they are still around 5% below the five-year average for this period, according to the EIA.
