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A report released by the Energy Information Administration on Wednesday showed crude oil inventories in the U.S. increased by less than expected in the week ended March 7th.
The EIA said crude oil inventories rose by 1.4 million barrels last week after climbing by 3.6 million barrels in the previous week. Economists had expected crude oil inventories to grow by 2.1 million barrels.
At 435.2 million barrels, U.S. crude oil inventories remain about 5 percent below the five-year average for this time of year.
Meanwhile, the report said gasoline inventories tumbled by 5.7 million barrels last week but remain 1 percent above the five-year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, also fell by 1.6 million barrels last week and are about 5 percent below the five-year average for this time of year, the EIA said.
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