U.S. Crude Oil Inventories Unexpectedly Surge By | Commodities
(RTTNews) – A report launched by the Energy Information Administration on Wednesday unexpectedly confirmed a sharp increase by U.S. crude oil inventories within the week ended March twenty eighth.
The EIA mentioned crude oil inventories surged by 6.2 million barrels final week after slumping by 3.3 million barrels within the earlier week. Economists had anticipated crude oil inventories to lower by 2.0 million barrels.
Nonetheless, at 439.8 million barrels, U.S. crude oil inventories stay about 4 % under the five-year average for this time of yr, the report mentioned.
The report additionally mentioned distillate fuel inventories, which embody heating oil and diesel, crept up by 0.3 million barrels final week however are about 6 % under the five-year average for this time of yr.
Meanwhile, the EIA mentioned gasoline inventories decreased by 1.6 million barrels final week however stay 2 % above the five-year average for this time of yr.
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