EIA: US Crude Oil Stocks Fall Less Than Expected

U.S. crude oil stockpiles fell less than expected last week according to a largely bearish report on Jan. 9 from the Energy Information Administration (EIA), which also showed that gasoline and distillate inventories rose more than expected.

Crude inventories fell by 1.7 million barrels in the week to Jan. 4, compared with analysts’ expectations in a Reuters poll for a decrease of 2.8 million barrels.

Distillate stockpiles, which include diesel and heating oil, rose 10.6 million barrels, more than five times the expected 1.9 million-barrel increase, the EIA data showed.