U.S. Crude Oil Inventories Plunge Much More Than Expected

(RTTNews) - The Energy Information Administration released a report on Wednesday showing a much steeper than expected drop in U.S. crude oil inventories in the week ended June 28th.

The report said crude oil inventories plunged by 12.2 million barrels last week after climbing by 3.6 million barrels in the previous week. Economists had expected crude oil inventories to edge down by 0.2 million barrels.

At 448.5 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 decreased by 2.2 million barrels last week and are 1 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also fell by 1.5 million barrels last week and are about 10 percent below the five-year average for this time of year.