U.S. Crude Oil Inventories Unexpectedly Increase

(RTTNews) - Crude oil inventories unexpectedly increased in the week ended August 29th, according to a report released by the Energy Information Administration on Thursday.

The report said crude oil inventories rose by 2.4 million barrels last week, reversing the 2.4 million barrel decrease seen in the previous week. Economists had expected crude oil inventories to fall by 1.8 million barrels.

At 420.7 million barrels, U.S. crude oil inventories remain about 4 below below 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 increased by 1.7 million barrels last week but remain about 13 percent below the five-year average for this time of year.

Meanwhile, the report said gasoline inventories fell by 3.8 million barrels last week and are about 2 percent below the five-year average for this time of year