(RTTNews) - Crude oil inventories unexpectedly fell last week, according to data released on Wednesday by the Energy Information Administration. Gasoline stockpiles also fell, but not as much an analysts expected. Oil prices remained above $118 a barrel after the report.

U.S. commercial crude oil inventories decreased by about 170,000 barrels in the week ended Aug. 24. Analysts were expecting to see a build of about 1 million barrels. At 305.8 million barrels, U.S. crude oil inventories are in the middle of the average range for this time of year.

Meanwhile, gasoline inventories decreased by 1.2 million barrels last week, and are below the lower boundary of the average range. Market players were expecting a drop of about 2.8 million barrels.

Crude oil prices remained sharply higher on the New York Mercantile Exchange after the report. October crude oil moved at $118.64, up $2.37, pushed by concerns that Tropical Storm Gustav could cause problems in the Gulf of Mexico's oil region. Oil climbed immediately after the 10:35 a.m. ET data but did not take out its daily high of $119.63.

Last week's EIA data showed inventories increased by 9.4 million barrels in the week ended Aug. 15. However, motor gasoline inventories decreased by 6.2 million barrels in the week.

Crude oil imports averaged nearly 10 million barrels per day last week, down 1.0 million barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 10.2 million barrels per day, down 17,000 barrels per day from the comparable four-week period last year. U.S. crude oil refinery inputs averaged 15.1 million barrels per day during the week ending August 22, up 300,000 barrels per day from the previous week's average.

Distillate fuel inventories remained unchanged, and are in the upper half of the average range for this time of year. Propane/propylene inventories increased by 1.2 million barrels last week but remain below the lower limit of the average range. Total commercial petroleum inventories increased by 2.3 million barrels last week, and are in the lower half of the average range for this time of year.

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