The Energy Information Administration released a report on Wednesday showing U.S. crude oil inventories shot up by much more than expected in the week ended January 31st.
The report said crude oil inventories spiked by 8.7 million barrels last week after surging by 3.5 million barrels in the previous week. Economists had expected crude oil inventories to jump by 3.2 million barrels.
At 423.8 million barrels, U.S. crude oil inventories remain about 5 percent below the five-year average for this time of year, the EIA said.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.