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

(RTTNews) - The Energy Information Administration released a report on Wednesday showing another significant increase by U.S. crude oil inventories in the week ended March 20th.

The report said crude oil inventories surged by 6.9 million barrels last week after jumping by 6.2 million barrels in previous week. Economists had expected crude oil inventories to inch up by 0.5 million barrels.

At 456.2 million barrels, U.S. crude oil inventories are about 0.1 percent above the five-year average for this time of year, the EIA said.

The EIA said distillate fuel inventories, which include heating oil and diesel, also climbed by 3.0 million barrels last week but remain about 0.4 below the five-year average for this time of year.

Meanwhile, the report said gasoline inventories decreased by 2.6 million barrels last week but are still 3 percent above the five-year average for this time of year.