U.S. Crude-Oil Stockpiles Post Weekly Decline

U.S. crude oil inventories fell last week and product stocks increased as refineries raised their capacity use, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude-oil stocks excluding the Strategic Petroleum Reserve fell by 1.8 million barrels to 425.7 million barrels in the week ended Dec. 5 and were about 4% below the five-year average for the time of year, the EIA said. Crude stocks were expected to have fallen by 1.6 million barrels, according to a Wall Street Journal survey of analysts.