Crude oil inventories in the U.S. unexpectedly saw a significant rebound in the week ended February 6th, according to a report released by the Energy Information Administration on Wednesday.
The EIA said crude oil inventories surged by 8.5 million barrels last week after slumping by 3.5 million barrels in the previous week. Economists had expected crude oil inventories to edge down by 0.2 million barrels.
At 428.8 million barrels, U.S. crude oil inventories remain about 3 percent below the five-year average for this time of year, the EIA.
The report said gasoline inventories also rose by 1.2 million barrels last week and are about 4 percent above the five-year average for this time of year.
Meanwhile, the EIA said distillate fuel inventories, which include heating oil and diesel, fell by 2.7 million barrels last week and are about 4 percent below the five-year average for this time of year.
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