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The Energy Information Administration released a report on Wednesday showing an unexpected rebound by U.S. crude oil inventories in the week ended January 9th.
The report said crude oil inventories jumped by 3.4 million barrels last week after tumbling by 3.8 million barrels in the previous week. Economists had expected crude oil inventories to slump by 2.2 million barrels.
At 422.4 million barrels, U.S. crude oil inventories remain about 3 percent below the five-year average for this time of year, the EIA said.
The report also said gasoline inventories surged by 9.0 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, edged slightly lower last week and are about 4 percent below the five-year average for this time of year.
