(RTTNews) - Crude oil inventories in the U.S. increased by much more than expected in the week ended March 6th, according to a report released by the Energy Information Administration on Wednesday.
The EIA said crude oil inventories grew by 3.8 million barrels last week after climbing by 3.5 million barrels in the previous week. Economists had expected crude oil inventories to rise by 1.1 million barrels.
At 443.1 million barrels, U.S. crude oil inventories are still about 2 percent below the five-year average for this time of year, the EIA said.
Meanwhile, the report said gasoline inventories tumbled by 3.7 million barrels last week but remain 5 percent above the five-year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, also decreased by 1.3 million barrels last week and are about 2 percent below the five-year average for this time of year, the EIA said.
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