Crude oil inventories in the United States fell significantly more than anticipated for the week ending May 10th, as per a report released by the Energy Information Administration (EIA) on Wednesday.
The report indicated a decrease in crude oil inventories by 2.5 million barrels last week, following a reduction of 1.4 million barrels in the prior week. Economists had projected another decline of 1.4 million barrels.
With inventories standing at 457.0 million barrels, U.S. crude oil reserves are approximately 4% below the five-year average for this period, according to the EIA.
Additionally, the EIA reported a slight decrease in gasoline inventories by 0.2 million barrels, bringing them to about 1% below the five-year average for this time of year.
Distillate fuel inventories, encompassing heating oil and diesel, also saw a minor reduction last week and are roughly 7% below the five-year average for this period.
