Washington: The U.S. Energy Information Administration (EIA) announced on Wednesday that U.S. crude oil inventories declined last week, posting a drop slightly below market expectations.

According to National Iraqi News Agency, the EIA stated that crude oil stockpiles fell by 1.9 million barrels during the week ending December 26, following a decline of 400,000 barrels in the previous week. Analysts had forecast a larger decrease of 2 million barrels.

As a result of the smaller-than-expected decline, total crude oil inventories stood at approximately 422.9 million barrels, about 3% below the five-year average for this time of year.

Meanwhile, gasoline inventories rose by 5.8 million barrels last week, reaching levels nearly 2% above the five-year seasonal average.

The EIA also reported an increase of 5 million barrels in distillate fuel inventories, including heating oil and diesel. However, these inventories remain about 4% below the five-year average for the same period.