U.S. Crude Oil Inventories Unexpectedly Increase | Commodities
(RTTNews) – A report launched by the Energy Information Administration on Wednesday unexpectedly confirmed a sharp increase by crude oil inventories within the U.S. within the week ended July twenty fifth.
The EIA mentioned crude oil inventories surged by 7.7 million barrels final week after falling by 3.2 million barrels within the earlier week. Economists had anticipated crude oil inventories to lower by 2.5 million barrels.
At 426.7 million barrels, U.S. crude oil inventories stay about 6 p.c under the five-year average for this time of yr, the report mentioned.
The report mentioned distillate fuel inventories, which embody heating oil and diesel, additionally elevated by 3.6 million barrels final week however are about 16 p.c under the five-year average for this time of yr.
Meanwhile, the EIA mentioned gasoline inventories decreased by 2.7 million barrels final week and are about 1 p.c under the five-year average for this time of yr.
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