The Energy Information Administration released a report on Wednesday showing an unexpected jump by U.S. crude oil inventories in the week ended May 9th.
The report said crude oil inventories shot up by 4 million barrels last week after falling by 2 million barrels in the previous week. Economists had expected crude oil inventories to dip by 1.0 million barrels.
At 441.8 million barrels, U.S. crude oil inventories remain about 6 percent below the five-year average for this time of year, the EIA said.
Meanwhile, the report said gasoline inventories fell by 1 million barrels last week and are about 3 percent below the five year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, also decreased by 3.2 million barrels last week and are about 16 percent below the five-year average for this time of year, the EIA said.
For comments and feedback contact: editorial@rttnews.com
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
