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The Energy Information Administration released a report on Wednesday showing a notable decrease by U.S. crude oil inventories in the week ended March 21st.
The report said crude oil inventories tumbled by 3.3 million barrels last week after climbing by 1.7 million barrels in the previous week.
At 433.6 million barrels, U.S. crude oil inventories are about 5 percent below the five-year average for this time of year, the EIA said.
The EIA said gasoline inventories also fell by 1.4 million barrels last week but remain 2 percent above the five-year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, also dipped by 0.4 million barrels last week and are about 7 percent below the five-year average for this time of year, the report said.
