U.S. Crude Oil Inventories Extend Recent Surge

(RTTNews) - Extending the surge seen over the past few weeks, crude oil inventories in the U.S. once again increased more than expected in the week ended April 12th, according to a report released by the Energy Information Administration on Wednesday.

The report said crude oil inventories jumped by 2.7 million barrels last week after spiking by 5.8 million barrels in the previous week. Economists had expected crude oil inventories to rise by 1.6 million barrels.

At 460.0 million barrels, U.S. crude oil inventories are now only approximately 1 percent below the five-year average for this time of year, the EIA said.

Meanwhile, the EIA said gasoline inventories fell by 1.2 million barrels last week are about 4 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also decreased by 2.8 million barrels last week and are about 7 percent below the five-year average for this time of year.