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Economic Buzz: US Crude Oil Inventories Unexpectedly Pull Back Sharply

25-Apr-24 08:38 Hrs IST

Crude oil inventories in the U.S. unexpectedly pulled back sharply in the week ended April 19th, according to a report released by the Energy Information Administration on Wednesday.

The EIA said crude oil inventories plunged by 6.4 million barrels last week after jumping by 2.7 million barrels in the previous week. Economists had expected crude oil inventories to increase by 1.6 million barrels.

At 453.6 million barrels, U.S. crude oil inventories are about 3 percent below the five-year average for this time of year, the EIA added.

The report also said gasoline inventories edged down by 0.6 million barrels last week and are about 4 percent below the five-year average for this time of year.

Meanwhile, distillate fuel inventories, which include heating oil and diesel, increased by 1.6 million barrels last week but are about 7 percent below the five-year average for this time of year.

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