U.S. Crude Oil Inventories Unexpectedly Rebound
(RTTNews) - The Energy Information Administration released a report on Wednesday showing an unexpected rebound by U.S. crude oil inventories in the week ended April 26th.
The report said crude oil inventories jumped by 7.3 million barrels last week after tumbling by 6.4 million barrels in the previous week. Economists had expected crude oil inventories to decrease by 2.3 million barrels.
At 460.9 million barrels, U.S. crude oil inventories are about 3 percent below the five-year average for this time of year, the EIA said.
The EIA also said gasoline inventories crept up by 0.3 million barrels from the previous week but remain about 3 percent below the five-year average for this time of year.
Meanwhile, the report said distillate fuel inventories, which include heating oil and diesel, dipped by 0.7 million barrels last week and are about 7 percent below the five-year average for this time of year.
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