A report released by the Energy Information Administration on Wednesday unexpectedly showed a sharp increase by U.S. crude oil inventories in the week ended March 28th.
The EIA said crude oil inventories surged by 6.2 million barrels last week after slumping by 3.3 million barrels in the previous week. Economists had expected crude oil inventories to decrease by 2.0 million barrels.
Nonetheless, at 439.8 million barrels, U.S. crude oil inventories remain about 4 percent below the five-year average for this time of year, the report said.
The report also said distillate fuel inventories, which include heating oil and diesel, crept up by 0.3 million barrels last week but are about 6 percent below the five-year average for this time of year.
Meanwhile, the EIA said gasoline inventories decreased by 1.6 million barrels last week but remain 2 percent above the five-year average for this time of year.
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