U.S. Crude Oil Stocks Fell 5.5 Million Barrels in Week Ended Dec. 29

U.S. crude oil inventories fell more than expected last week, while stocks of gasoline and distillate fuels saw large increases pointing to sluggish demand for products, according to data released Thursday by the U.S. Energy Information Administration.

Commercial crude-oil stocks excluding the Strategic Petroleum Reserve fell by 5.5 million barrels to 431.1 million barrels in the week ended Dec. 29, and were about 2% below the five-year average for the time of year, the EIA said. Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would fall by 2.7 million barrels.