U.S. Crude Oil Inventories Jump More Than Expected

(RTTNews) - After reporting a sharp increase by U.S. crude oil inventories in the previous week, the Energy Information Administration released a report on Wednesday showing crude oil inventories once again grew by more than expected in the week ended February 7th.

The EIA said crude oil inventories jumped by 4.1 million barrels last week after surging by 8.7 million barrels in the previous week. Economists had expected crude oil inventories to climb by 2.8 million barrels.

Nonetheless, crude oil inventories remain about 4 percent below the five-year average for this time of year, the EIA said.

The report also said distillate fuel inventories, which include heating oil and diesel, crept up by 0.1 million barrels last week but remain about 11 percent below the five-year average for this time of year.

Meanwhile, the EIA said gasoline inventories fell by 3.0 million barrels last week and are 1 percent below the five-year average for this time of year.