Crude Inventories Declined Last Week

U.S. crude oil inventories declined by 5.4 million barrels in the week ending May 16, the U.S. Energy Information Administration said Wednesday.

Crude inventories decreased by 5.4 million barrels to a reserve of 320.4 million barrels, which fall in the middle of the average for this time of year, EIA reported.

Gasoline inventories declined by 0.8 million barrels and are in the lower half of the average range for this time of year, the report said.

Finished gasoline inventories increased while gasoline blending components inventories decreased during the week.

Distillate fuel inventories, which includes heating oil, increased by 0.7 million barrels, but remain in the lower half of their average range.