U.S. Crude Oil Inventories Show Steep Weekly Decline

(RTTNews) - A report released by the Energy Information Administration on Wednesday showed a steep drop by crude oil inventories in the U.S. in the week ended October 24th.

The EIA said crude oil inventories plunged by 6.9 million barrels last week after dipping by 1.0 million barrels in the previous week.

At 416.0 million barrels, U.S. crude oil inventories are about 6 percent below the five-year average for this time of year, the EIA said.

The report also showed a notable decrease by gasoline inventories, which tumbled by 5.9 million barrels last week and are about 3 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also slumped by 3.4 million barrels last week and are about 8 percent below the five-year average for this time of year, the EIA said.