U.S. Crude Oil Inventories Rebound More Than Expected

(RTTNews) - After reporting an unexpected dip by U.S. crude oil inventories in the previous week, the Energy Information Administration released a report on Wednesday showing crude oil inventories rebounded by more than expected in the week ended November 1st.

The report said crude oil inventories climbed by 2.1 million barrels last week after edging down by 0.5 million barrels in the previous week. Economists had expected crude oil inventories to rise by 1.8 million barrels.

At 427.7 million barrels, U.S. crude oil inventories remain about 5 percent below the five-year average for this time of year, the EIA said.

The EIA said gasoline inventories also edged up by 0.4 million barrels last week but are about 2 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also increased by 2.9 million barrels last week but are about 6 percent below the five-year average for this time of year.