U.S. Crude Oil Inventories Extend Recent Surge

(RTTNews) - A report released by the Energy Information Administration on Thursday showed a continued surge by U.S. crude oil inventories in the week ended February 14th.

The EIA said crude oil inventories shot up by 4.6 million barrels last week after jumping by 4.1 million barrels in the previous week. Economists had expected crude oil inventories to increase by 3.0 million barrels.

Nonetheless, at 432.5 million barrels, U.S. crude oil inventories remain about 3 percent below the five-year average for this time of year, the EIA said.

Meanwhile, the report said gasoline inventories edged down by 0.2 million barrels last week and are 1 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also fell by 2.1 million barrels last week and are about 12 percent below the five-year average for this time of year.