U.S. Crude Oil Inventories Rise Much More Than Expected

The EIA said crude oil inventories climbed by 3.1 million barrels last week after jumping by 5.5 million barrels in the previous week. Economists had expected crude oil inventories to inch up by 0.7 million barrels.

At 464.7 million barrels, U.S. crude oil inventories are about 2 percent above the five-year average for this time of year, the report said.

Meanwhile, the EIA said gasoline inventories fell by 1.6 million barrels last week but are still 3 percent above the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also decreased by 3.1 million barrels last week and are about 5 percent below the five-year average for this time of year, the EIA said.

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