(RTTNews) – Crude oil inventories in the U.S. unexpectedly increased in the week ended July 31st, according to a report released by the Energy Information Administration on Wednesday.
The EIA crude oil inventories climbed by 2.5 million barrels last week after tumbling by 7.2 million barrels in the previous week. Economists had expected crude oil inventories to dip by 1.5 million barrels.
At 407.0 million barrels, U.S. crude oil inventories are still about 6 percent below the five-year average for this time of year, the report said.
Meanwhile, the report said gasoline inventories fell by 1.6 million barrels last week and are 7 percent below the five-year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, also decreased by 3.5 million barrels last week and are about 12 percent below the five-year average for this time of year, the EIA said.
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