U.S. Crude Oil Inventories Fall by 4.6 Million Barrels in Week

U.S. crude oil inventories fell more than expected last week as U.S. refiners continued to raise their capacity use following the fall maintenance season, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude-oil stockpiles excluding the Strategic Petroleum Reserve fell by 4.6 million barrels in the week ended Dec. 1, to 445 million barrels, and were about 1% below their five-year average for the time of year, the EIA said. It was the first draw on stocks in seven weeks.