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Crude oil inventories in the U.S. increased by much more than expected in the week ended January 16th, according to a report released by the Energy Information Administration on Thursday.
The EIA said crude oil inventories shot up by 3.6 million barrels last week after jumping by 3.4 million barrels in the previous week. Economists had expected crude oil inventories to rise by 1.1 million barrels.
At 426.0 million barrels, U.S. crude oil inventories remain about 2 percent below the five-year average for this time of year, the EIA said.
The report said gasoline inventories also surged by 6.0 million barrels last week and are about 5 percent above the five-year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, also jumped by 3.3 million barrels last week but remain about 1 percent below the five-year average for this time of year, the EIA said.
