U.S. crude oil stockpiles shrank by 6.1 million bbl during the week leading up to Christmas amid modest increases in demand for both motor gasoline and jet fuel, according to inventory data published Wednesday by the Energy Information Administration (EIA).

WTI Dec 30

Crude stockpiles excluding the Strategic Petroleum Reserve decreased 0.5% to finish at 493.5 million bbl for the week ending Dec. 25, about 11% higher than five-year average levels for the time of year, the agency said in its latest Weekly Petroleum Status Report. 

Total motor gasoline inventories shrank by 1.2 million bbl for the week to end at around 1% above the five-year average, while propane/propylene stocks declined 6.4 million bbl to about 3% below the five-year, according to EIA.

A gauge of demand, EIA reported...