US Crude oil inventories see unexpected rebound

Shafaq News/ A report released by the Energy Information Administration (EIA) on Wednesday showed an unexpected rebound in US crude oil inventories for the week ended May 17.

The EIA reported that crude oil inventories rose by 1.8 million barrels last week, following a 2.5 million barrel decline the previous week. Economists had predicted a drop of 3.1 million barrels.

Despite the weekly 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 increased by 0.4 million barrels last week but are about 7 percent below the five-year average for this time of year.

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