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

(RTTNews) - Crude oil inventories in the U.S. tumbled by much more than expected in the week ended September 20th, according to a report released by the Energy Information Administration on Wednesday.

The report said crude oil inventories plunged by 4.5 million barrels last week after falling by 1.6 million barrels in the previous week. Economists had expected crude oil inventories to decrease by 1.2 million barrels.

At 413.0 million barrels, U.S. crude oil inventories are about 5 percent below the five-year average for this time of year, the EIA added.

The EIA said gasoline inventories also fell by by 1.5 million barrels last week and are about 1 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also decreased by 2.2 million barrels last week and are about 9 percent below the five-year average for this time of year.