Financial News: U.S. Crude Oil Inventories Unexpectedly Rebound

U.S. Crude Oil Inventories Unexpectedly Rebound

06/05/2024 - 10:58:00 (RTTNews)

(RTTNews) - After reporting a sharp pullback by U.S. crude oil inventories in the previous week, the Energy Information Administration released a report on Wednesday showing crude oil inventories unexpectedly rebounded in the week ended May 31st.

The report said crude oil inventories rose by 1.2 million barrels last week after tumbling by 4.2 million barrels in the previous week.

Nonetheless, the EIA said U.S. crude oil inventories remain about 4 percent below the five-year average for this time of year at 455.9 million barrels.

Gasoline inventories also increased by 2.1 million barrels last week but are about 1 percent below the five-year average for this time of year.

The report said distillate fuel inventories, which include heating oil and diesel, also jumped by 3.2 million barrels last week but are about 7 percent below the five-year average for this time of year.

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