U.S. crude oil supply fell last week

LOS ANGELES, Dec. 31 (UPI) -- Increased consumption and a drop in imports combined last week to trim the U.S. crude oil supply by 3.8 million barrels.

The U.S. Energy Information Administration said Wednesday the drop pulled total crude inventories down to 270.7 million barrels, more than 27 million barrels below the 5-year average for this time of year.

The news apparently didn't impress the markets as February crude fell 27 cents to $32.52 per barrel in pre-holiday trading on the New York Mercantile Exchange.

The EIA data showed crude inputs at the refinery level up 19,000 barrels per day last week to an average of 15.2 million bpd. The increase came at the same time Saudi oil imports remained relatively low.

Gasoline supplies climbed around 600,000 barrels and distillate fuels -- low-sulfur diesel and heating oil -- rose 700,000 barrels.