U.S. Crude Oil Inventories (*4*) Jump By 4 | Commodities
(RTTNews) – The Energy Information Administration launched a report on Wednesday exhibiting an surprising bounce by U.S. crude oil inventories within the week ended May ninth.
The report stated crude oil inventories shot up by 4 million barrels final week after falling by 2 million barrels within the earlier week. Economists had anticipated crude oil inventories to dip by 1.0 million barrels.
At 441.8 million barrels, U.S. crude oil inventories stay about 6 % under the five-year average for this time of 12 months, the EIA stated.
Meanwhile, the report stated gasoline inventories fell by 1 million barrels final week and are about 3 % under the 5 12 months average for this time of 12 months.
Distillate fuel inventories, which embrace heating oil and diesel, additionally decreased by 3.2 million barrels final week and are about 16 % under the five-year average for this time of 12 months, the EIA stated.
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