US crude oil inventories increase by 1.8 million barrels

A report released by the Energy Information Administration on Wednesday showed an unexpected rebound in US crude oil inventories in the week ended May 17.

Report informs via MarketWatch that the EIA said crude oil inventories rose by 1.8 million barrels last week after falling by 2.5 million barrels in the previous week. Economists had expected crude oil inventories to slump by 3.1 million barrels.

Despite the monthly increase, US crude oil inventories remain about 3 percent below the five-year average for this time of year at 458.8 million barrels.

Distillate fuel inventories, which include heating oil and diesel, also crept up by 0.4 million last week but are about 7 percent below the five-year average for this time of year.

Meanwhile, the report said gasoline inventories fell by 0.9 million barrels last week and are about 2 percent below the five-year average for this time of year.