U.S. Oil Inventories Show Another Huge Rise: EIA

Crude oil inventories in the United States increased more than expected last week, data by the U.S. Energy Information Administration (EIA) showed on Wednesday.

Oil stockpiles rose by 13.798 million barrels in the week ended on March 5, compared with a recent S&P Global Platts poll of market analysts that estimated that oil inventories increased last week by 2.7 million barrels, following a huge surge of 21.6 million barrels in the week before.

Distillate inventories declined by fell 5.5 million barrels, while gasoline stockpiles decreased by 11.869 million barrels.