U.S. Crude Oil Inventories Jump Much More Than Expected

(RTTNews) - Crude oil inventories in the U.S. increased by much more than expected in the week ended October 18th, according to a report released by the Energy Information Administration on Wednesday.

The EIA said crude oil inventories jumped by 5.5 million barrels last week after slumping by 2.2 million barrels in the previous week.

At 426.0 million barrels, U.S. crude oil inventories remain about 4 percent below the five-year average for this time of year, the EIA said.

The report also said gasoline inventories rose by 0.9 million barrels last week but are about 3 percent below the five-year average for this time of year.

Meanwhile, distillate fuel inventories, which include heating oil and diesel, decreased by 1.1 million barrels last week and are about 9 percent below the five-year average for this time of year.