U.S. Crude Oil Inventories Unexpectedly Decrease Following Recent Surge

(RTTNews) - Crude oil inventories in the U.S. unexpectedly decreased in the week ended February 21st, according to a report released by the Energy Information Administration on Wednesday.

The report said crude oil inventories fell by 2.3 million barrels last week after surging by 4.6 million barrels in the previous week. Economists had expected crude oil inventories to increase by 2.3 million barrels.

At 430.2 million barrels, U.S. crude oil inventories are about 4 percent below the five-year average for this time of year, the EIA said.

Meanwhile, the EIA said gasoline inventories crept up by 0.4 million barrels last week and are just slightly below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, jumped by 3.9 million barrels last week but remain about 8 percent below the five-year average for this time of year.