Washington: The US Energy Information Administration (EIA) announced a decline in US crude oil inventories last week.
According to Qatar News Agency, the EIA, the statistical arm of the US Department of Energy, stated in a report Wednesday that crude oil inventories fell by 6.9 million barrels last week, after rising by 1 million barrels the previous week. It explained that with this significant decrease, inventories now stand at 416 million barrels, approximately 6% below the five-year average for this time of year.
The EIA also reported that gasoline inventories fell by 5.9 million barrels last week, bringing them to approximately 3% below the five-year average. It further noted that distillate fuel inventories, which include heating oil and diesel, declined by 3.4 million barrels, remaining approximately 8% below the five-year average for this time of year.