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

Crude oil inventories in the U.S. fell by much more than expected in the week ended May 10th, according to a report released by the Energy Information Administration on Wednesday.

The report said crude oil inventories slumped by 2.5 million barrels last week after falling by 1.4 million barrels in the previous week. Economists had expected crude oil inventories to decrease by another 1.4 million barrels.

At 457.0 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 also said gasoline inventories edged down by 0.2 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 slightly decreased last week and are about 7 percent below the five-year average for this time of year.

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