U.S. Crude Oil Inventories Increase Much More Than Expected

(RTTNews) - Crude oil inventories in the U.S. increased by much more than anticipated in the week ended November 7th, according to a report released by the Energy Information Administration on Thursday.

The EIA said crude oil inventories shot up by 6.4 million barrels last week after jumping by 5.2 million barrels in the previous week. Economists had expected crude oil inventories to rise by 2.0 million barrels.

At 427.6 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 report said gasoline inventories dipped by 0.9 million barrels last week and are about 4 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also edged down by 0.6 million barrels last week and are about 8 percent below the five-year average for this time of year.