The Energy Information Administration (EIA) reported a smaller-than-anticipated decline in U.S. crude oil inventories for the week ending August 23rd. Following a significant decrease of 4.6 million barrels the previous week, the latest data reveals a marginal dip of 0.8 million barrels. This decline falls short of the 3.0 million barrel reduction predicted by economists.U.S. crude oil inventories now stand at 425.2 million barrels, which is approximately 4 percent below the five-year average for this period of the year. Additionally, gasoline inventories recorded a decrease of 2.2 million barrels and are 3 percent below the seasonal five-year average.On the other hand, distillate fuel inventories, encompassing heating oil and diesel, saw a slight increase of 0.3 million barrels but remain about 10 percent below the five-year average for this time of year.The material has been provided by InstaForex Company – www.instaforex.com
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