U.S. Crude Oil Inventories Jump Slightly Less Than Expected

(RTTNews) - A report released by the Energy Information Administration on Wednesday showed a notable rebound by U.S. crude oil inventories in the week ended January 24th.

The EIA said crude oil inventories jumped by 3.5 million barrels last week after dipping by 1.0 million barrels in the previous week. Economists had expected crude oil inventories to surge by 3.7 million barrels.

At 415.1 million barrels, U.S. crude oil inventories remain about 6 percent below the five-year average for this time of year, the report said.

The report said gasoline inventories also shot up by 3.0 million barrels last week and are just slightly below the five-year average for this time of year.

Meanwhile, the EIA said distillate fuel inventories, which include heating oil and diesel, tumbled by 5.0 million barrels last week and are about 9 percent below the five-year average for this time of year.