The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories surged by 5.431 million barrels in the week ended May 10. Economists had forecast a decrease of 1.200 million barrels.
At the same time, gasoline stocks declined by 1.123 million barrels, while analysts had expected a drop of 0.350 million barrels. Distillate stocks rose by 0.084 million barrels, while analysts had forecast a decrease of 0.719 million barrels.
Meanwhile, oil production in the U.S. decreased by 100,000 barrels a day to 12.100 million barrels a day.
U.S. crude oil imports averaged 7.6 million barrels per day last week, up by 919,000 barrels per day from the previous week.