U.S. Oil Inventories Down 6.6 M Barrels in Week

Commercial crude oil inventories in the United States decreased by 6.6 million barrels last week, data showed on Wednesday.

Oil stockpiles in the U.S. stood at 469.0 million barrels in the week ending February 5, according to the weekly report of the U.S. Energy Information Administration (EIA).

“U.S. crude oil inventories are about 2% above the five year average for this time of year,” the report indicated.

Meanwhile, gasoline inventories increased by 4.3 million barrels last week, while distillate fuel inventories decreased by 1.7 million barrels.