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

(RTTNews) - A report released by the Energy Information Administration on Wednesday showed crude oil inventories in the U.S. jumped by much more than expected in the week ended March 13th.

The EIA said crude oil inventories shot up by 6.2 million barrels last week after climbing by 3.8 million barrels in the previous week. Economists had expected crude oil inventories to inch up by 0.4 million barrels.

At 449.3 million barrels, U.S. crude oil inventories remain about 1 percent below the five-year average for this time of year, the EIA said.

Meanwhile, the report said gasoline inventories slumped by 5.4 million barrels last week but are still 3 percent above the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also fell by 2.5 million barrels last week and are about 3 percent below the five-year average for this time of year, the EIA said.