U.S. Crude Oil Inventories Unexpectedly Rise By 3.8 Million Barrels

(RTTNews) - The Energy Information Administration released a report on Wednesday showing an unexpected increase by U.S. crude oil inventories in the week ended June 27th.

The report said crude oil inventories climbed by 3.8 million barrels last week after tumbling by 5.8 million barrels in the previous week. Economists had expected crude oil inventories to fall by 2.0 million barrels.

At 419 million barrels, U.S. crude oil inventories remain about 9 percent below the five-year average for this time of year, the EIA said.

The EIA also said gasoline inventories increased by 4.2 million barrels last week but remain about 1 percent below the five-year average for this time of year.

Meanwhile, the report said distillate fuel inventories, which include heating oil and diesel, decreased by 1.7 million barrels last week and are about 21 percent below the five-year average for this time of year.