U.S. Crude Oil Inventories Edge Slightly Lower

(RTTNews) – Crude oil inventories in the U.S. edged slightly lower in the week ended September 11th, according to a report released by the Energy Information Administration on Wednesday.

The EIA said crude oil inventories dipped by 0.6 million barrels last week after slipping by 0.4 million barrels in the previous week. Economists had expected crude oil inventories to fall by 1.6 million barrels.

At 423.4 million barrels, U.S. crude oil inventories are still 1 percent above the five-year average for this time of year, the report said.

Meanwhile, the report said gasoline inventories crept up by 0.8 million barrels last week but remain 5 percent below the five-year average for this time of year.

Distillate inventories, which include heating oil and diesel, also increased by 1.6 million barrels last week but are still 13 percent below the five-year average for this time of year, the EIA said.