U.S. Crude Oil Inventories Unexpectedly Inch Higher

(RTTNews) - The Energy Information Administration released a report on Wednesday unexpectedly showing an uptick by U.S. crude oil inventories in the week ended April 18th.

The report said crude oil inventories crept up by 0.2 million barrels last week after rising by 0.5 million barrels in the previous week. Economists had expected crude oil inventories to dip by 0.7 million barrels.

At 443.1 million barrels, U.S. crude oil inventories remain about 5 percent below the five-year average for this time of year, the EIA said.

Meanwhile, the EIA said gasoline inventories tumbled by 4.5 million barrels last week and are about 3 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also decreased by 2.4 million barrels last week and are about 13 percent below the five-year average for this time of year, the report said.