U.S. Crude Oil Inventories Unexpectedly Jump By 3.2 Million Barrels

(RTTNews) - The Energy Information Administration released a report on Wednesday showing an unexpected surge in U.S. crude oil inventories in the week ended March 22nd.

The report said crude oil inventories jumped by 3.2 million barrels after slumping by 2.0 million barrels in the previous week. Economists had expected inventories to decrease by another 1.3 million barrels.

Despite the weekly rebound, U.S. crude oil inventories remain about 2 percent below the five-year average for this time of year.

The EIA said gasoline inventories also rose by 1.3 million barrels from the previous week but remain about 1 percent below the five-year average for this time of year.

Meanwhile, distillate fuel inventories, which include heating oil and diesel, fell by 1.2 million barrels and are about 6 percent below the five-year average for this time of year.