U.S. Crude Oil Inventories Inch Modestly Higher

(RTTNews) - Crude oil inventories in the U.S. saw a modest increase in the week ended April 11th, the Energy Information Administration revealed in a report released on Wednesday.

The EIA said crude oil inventories crept up by 0.5 million barrels last week after climbing by 2.6 million barrels in the previous week. Economists had expected crude oil inventories to inch up by 0.4 million barrels.

At 442.9 million barrels, U.S. crude oil inventories are about 6 percent below the five-year average for this time of year, the EIA added.

Meanwhile, the report said gasoline inventories fell by 2.0 million barrels last week and are about 1 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also decreased by 1.9 million barrels last week and are about 11 percent below the five-year average for this time of year, the EIA said.