U.S. oil inventories fell sharply last week

U.S. oil inventories fell sharply last week, as data from the U.S. Energy Information Administration (EIA) showed on Wednesday.

According to EIA data, crude oil inventories in the United States, the world’s largest crude oil consumer, fell by 4.6 million barrels (1 barrel = 159 liters) in the seven days to August 16 to 426 million barrels, compared with an increase of 1.4 million barrels in the same period last year. Economists had expected a much smaller inventory decline of 2.8 million barrels last week. Current inventory levels are about 5% below the five-year average for this time of year.

The EIA data also showed gasoline inventories fell by 1.6 million barrels last week and were about 3% below the five-year average for this time of year.

Stocks of petroleum distillates, which include heating oil and diesel, fell by 3.7 million barrels and are about 7% below the five-year average for this time of year.

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