U.S. Crude Oil Inventories Unexpectedly Increase

(RTTNews) - The Energy Information Administration released a report on Wednesday showing an unexpected increase by U.S. crude oil inventories in the week ended February 28th.

The report said crude oil inventories climbed by 3.6 million barrels last week after falling by 2.3 million barrels in the previous week. Economists had expected crude oil inventories to edge down by 0.3 million barrels.

At 433.8 million barrels, U.S. crude oil inventories remain about 4 percent below the five-year average for this time of year, the EIA said.

Meanwhile, the EIA said gasoline inventories fell by 1.4 million barrels last week but are 1 percent above the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also decreased by 1.3 million barrels last week and are about 6 percent below the five-year average for this time of year, the report said.