U.S. Crude Oil Inventories Climb More Than Expected

(RTTNews) - A report released by the Energy Information Administration on Wednesday showed crude oil inventories in the U.S. increased by more than expected in the week ended October 3rd.

The EIA said crude oil inventories grew by 3.7 million barrels last week after rising by 1.8 million barrels in the previous week. Economists had expected crude oil inventories to climb by 2.3 million barrels.

At 420.3 million barrels, U.S. crude oil inventories remain about 4 percent below the five-year average for this time of year, the EIA said.

Meanwhile, the report said gasoline inventories fell by 1.6 million barrels last week and are about 1 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also decreased by 2.0 million barrels last week and are about 6 percent below the five-year average for this time of year, the EIA said.