U.S. Crude Oil Inventories Unexpectedly See Continued Growth

(RTTNews) - A report released by the Energy Information Administration on Wednesday unexpectedly showed a continued increase by U.S. crude oil inventories in the week ended September 5th.

The EIA crude oil inventories climbed by 3.9 million barrels last week after rising by 2.4 million barrels in the previous week. Economists had expected crude oil inventories to dip by 1.1 million barrels.

At 424.6 million barrels, U.S. crude oil inventories remain about 3 percent below the five-year average for this time of year, the EIA said.

The report said gasoline inventories also increased by 1.5 million barrels last week and are at the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also jumped by 4.7 million barrels last week but remain about 9 percent below the five-year average for this time of year, the EIA said.