U.S. Oil Inventories Down a Million Barrels in Week

Commercial crude oil inventories in the United States decreased by 1 million barrels last week, according to the weekly report of the U.S. Energy Information Administration (EIA).

The decline comes below market expectations.

Inventories now stand at a level of 475.7 million barrels, which is about 4% above the five-year average for this time of year.

Total motor gasoline inventories increased by 4.5 million barrels during the week ending January 29, 2021.

Meanwhile, distillate fuel inventories were virtually unchanged last week.