US oil stocks fell more than expected

The US Energy Information Administration announced on Wednesday that crude oil inventories in the United States declined more than expected last week.
The administration stated that stocks declined by two million barrels during the week ending January 10, which was higher than the expectations of analysts who expected a decline of only 1.6 million barrels, after a decline of one million barrels in the previous week.

US oil stocks

With the significant decline, the US stockpile at the end of last week became 412.7 million barrels, approximately 6% less than the average stockpile over the past five years at this time of the year.
The administration also stated that gasoline stocks rose by 5.9 million barrels last week, slightly less than the average stock over the past five years.
The stock of refined oil, which includes heating oil and diesel (diesel), rose by 3.1 barrels, becoming approximately 4% less than its average over the past five years at this time of the year.