U.S. Crude Oil Inventories Inch Up Much Less Than Expected

(RTTNews) - Crude oil inventories in the U.S. increased by far less than expected in the week ended August 21st, according to a report released by the Energy Information Administration on Wednesday.

The EIA said crude oil inventories crept up by 0.1 million barrels last week after jumping by 4.4 million barrels in the previous week. Economists had expected crude oil inventories to climb by 1.9 million barrels.

At 428.9 million barrels, U.S. crude oil inventories are 1 percent above the five-year average for this time of year, the EIA said.

Meanwhile, the EIA said gasoline inventories fell by 2.5 million barrels last week and are 6 percent below the five-year average for this time of year.

The report said distillate fuel inventories, which include heating oil and diesel, also decreased by 2.2 million barrels last week and are about 14 percent below the five-year average for this time of year.