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FX.co ★ U.S. Crude Oil Inventories Pull Back In Line With Estimates

U.S. Crude Oil Inventories Pull Back In Line With Estimates

The Energy Information Administration (EIA) revealed that US crude oil inventories reflect a decrease in line with predictions for the week ending on May 3rd. This follows a notable surge in the previous week.

The EIA's report indicates that crude oil inventories dropped by 1.4 million barrels, a number that aligned perfectly with economic forecasts. This is a significant decrease compared to the sharp 7.3 million barrels surge from the week before.

Currently, the U.S. crude oil inventories are approximately 3 percent below the five-year average for this same period, according to the EIA.

The report also illustrates a rise in gasoline inventories, growing by 0.9 million barrels last week. Despite this increase, these inventories still remain about 2 percent below the five-year average for this time of year.

Distillate fuel inventories, which encompass heating oil and diesel, also observed a slight increase last week, with a rise of 0.6 million barrels. Notwithstanding this rise, these inventories are still approximately 7 percent below the five-year average for this time of year.

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