Crude oil inventories in the U.S. increased by more than expected in the week ended March 14th, according to a report released by the Energy Information Administration on Wednesday.

The report said crude oil inventories climbed by 1.7 million barrels last week after rising by 1.4 million barrels in the previous week. Economists had expected crude oil inventories to grow by 1.2 million barrels.

At 437.0 million barrels, U.S. crude oil inventories remain about 5 percent below the five-year average for this time of year, the EIA said.

Meanwhile, the EIA said gasoline inventories dipped by 0.5 million barrels last week but are 2 percent above the five-year average for this time of year.

Distillate fuel inventories, which include heating oil and diesel, also fell by 2.8 million barrels last week and are about 6 percent below the five-year average for this time of year, the report said.

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