Economic Buzz: US crude oil inventories rise by 1.3 million barrels

A report released by the Energy Information Administration on Wednesday showed crude oil inventories in the U.S. unexpectedly increased in the week ended May 16th.

The EIA said crude oil inventories rose by 1.3 million barrels last week after jumping by 3.5 million barrels in the previous week. Economists had expected crude oil inventories to fall by 1.9 million barrels.

Nonetheless, crude oil inventories remain about 6 percent below the five-year average for this time of year, the report said.

The report said gasoline inventories also edged up by 0.8 million barrels last week but remain about 2 percent below the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also crept up by 0.6 million barrels last week but are about 16 percent below the five-year average for this time of year, the EIA said.

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