US Crude Oil Inventories Drop 2.4 Million Barrels
Washington, August 27 (QNA) – The US Energy Information Administration (EIA) announced today that crude oil inventories in the United States declined slightly more than expected last week.
According to the EIA, crude oil stockpiles fell by 2.4 million barrels during the week ending Aug. 22, following a 6-million-barrel drop the previous week. Analysts had expected a smaller drawdown of around 2 million barrels.
With this larger-than-anticipated decline, inventories now stand at 418.3 million barrels, about 6 percent below the five-year seasonal average for this time of year.
The EIA added that gasoline inventories fell by 1.2 million barrels last week, bringing them in line with the five-year average.
Distillate fuel inventories, including heating oil and diesel, dropped by 1.8 million barrels, leaving them roughly 15 percent below the five-year seasonal average. (QNA)