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

(RTTNews) - The Energy Information Administration released a report on Wednesday showing U.S. crude oil inventories shot up by much more than expected in the week ended January 31st.

The report said crude oil inventories spiked by 8.7 million barrels last week after surging by 3.5 million barrels in the previous week. Economists had expected crude oil inventories to jump by 3.2 million barrels.

At 423.8 million barrels, U.S. crude oil inventories remain about 5 percent below the five-year average for this time of year, the EIA said.

The EIA said gasoline inventories also increased by 2.2 million barrels last week and are slightly above the five-year average for this time of year.

Meanwhile, the report said distillate fuel inventories which include heating oil and diesel, tumbled by 5.5 million barrels last week and are about 12 percent below the five-year average for this time of year.