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

(RTTNews) - After reporting a steep drop by U.S. crude oil inventories in the previous week, the Energy Information Administration released a report on Wednesday showing crude oil inventories rebounded by much more than expected in the week ended October 31st.

The EIA said crude oil inventories jumped by 5.2 million barrels last week after plunging by 6.9 million barrels in the previous week.

At 421.2 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 tumbled by 4.7 million barrels last week and are about 5 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 9 percent below the five-year average for this time of year, the EIA said.