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

U.S. Crude Oil Inventories Unexpectedly Increase

08/14/2024 - 10:44:00 (RTTNews)

(RTTNews) - Crude oil inventories in the U.S. unexpectedly increased in the week ended August 9th, according to a report released by the Energy Information Administration on Wednesday.

The report said crude oil inventories rose by 1.4 million barrels last week after falling by 3.7 million barrels in the previous week. Economists had expected crude oil inventories to decrease by another 2.0 million barrels.

At 430.7 million barrels, U.S. crude oil inventories are about 5 percent below the five-year average for this time of year, the EIA said.

Meanwhile, the EIA said gasoline inventories slumped 2.9 million barrels last week and are about 3 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also fell by 1.7 million barrels last week and are about 7 percent below the five-year average for this time of year.

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