U.S. Crude Inventories Slip 1.1 Million Barrels: EIA

Weekly U.S. crude inventories continued to slip, falling 1.1 million barrels in the week ended Nov. 11, the U.S. Energy Information Administration reported Wednesday.

Commercial crude inventories fell to 337 million barrels, but were at the higher end of the average range for this time of year.

Crude imports were also down from last week, falling by 53,000 barrels per day to 8.6 million barrels a day. However, despite the week-to-week dip, crude imports for the past four weeks averaged 8.9 million barrels per day, about 379,000 barrels per day above what they were in the year-ago period.

Meanwhile, refinery inputs averaged roughly 14.7 million barrels of oil per day in the reported week, some 344,000 barrels of oil above the previous week.

Gasoline output also increased, totalling 9.1 million barrels per day.