A report released by the Energy Information Administration on Wednesday unexpectedly showed a continued decrease by U.S. crude oil inventories in the week ended January 2nd.
The EIA said crude oil inventories tumbled by 3.8 million barrels last week after falling by 1.9 million barrels in the previous week. Economists had expected crude oil inventories to rise by 1.1 million barrels.
At 419.1 million barrels, U.S. crude oil inventories are about 3 percent below the five-year average for this time of year, the report said.
Meanwhile, the EIA said gasoline inventories surged by by 7.7 million barrels last week and are about 3 percent above the five-year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, also jumped by 5.6 million barrels last week but remain about 4 percent below the five-year average for this time of year, the EIA said.
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