U.S. Crude Oil Inventories Unexpectedly Jump By 7.1 Million Barrels

(RTTNews) - A report released by the Energy Information Administration on Wednesday showed an unexpected increase by crude oil inventories in the U.S. in the week ended July 4th.

The EIA said crude oil inventories jumped by 7.1 million barrels last week after climbing by 3.8 million barrels in the previous week. Economists had expected crude oil inventories to decrease by 2.0 million barrels.

Despite the continued increase, crude oil inventories remain about 8 percent below the five-year average for this time of year, the report said.

Meanwhile, the EIA said gasoline inventories fell by 2.7 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 dipped by 0.8 million barrels last week and are about 23 percent below the five-year average for this time of year, the report said.