U.S. Crude Oil Inventories Decrease Modestly Less Than Expected

(RTTNews) - Crude oil inventories in the U.S. decreased by modestly less than expected in the week ended May 2nd, according to a report released by the Energy Information Administration on Wednesday.

The report said crude oil inventories fell by 2.0 million barrels last week after declining by 2.7 million barrels in the previous week. Economists had expected crude oil inventories to decrease by 2.5 million barrels.

At 438.4 million barrels, U.S. crude oil inventories are about 7 percent below the five-year average for this time of year, the EIA.

The EIA said distillate fuel inventories, which include heating oil and diesel, also dipped by 1.1 million barrels last week and are about 13 percent below the five-year average for this time of year.

Meanwhile, the report said gasoline inventories crept up by 0.2 percent million barrels last week but remain about 3 percent below the five-year average for this time of year.