Financial News: U.S. Crude Oil Inventories Climb More Than Expected

U.S. Crude Oil Inventories Climb More Than Expected

11/14/2024 - 11:07:00 (RTTNews)

(RTTNews) - A report released by the Energy Information Administration on Thursday showed crude oil inventories in the U.S. rose by more than expected in the week ended November 8th.

The EIA said crude oil inventories climbed by 2.1 million barrels last week, matching the increase seen in the previous week. Economists had expected crude oil inventories to edge up by 1.0 million barrels.

At 429.7 million barrels, crude oil inventories remain about 4 percent below the five-year average for this time of year, the EIA said.

Meanwhile, the report said gasoline inventories tumbled by 4.4 million barrels last week and are about 4 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also fell by 1.4 million barrels last week and are about 5 percent below the five-year average for this time of year, the EIA said.

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