The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories jumped
by 2.927 million barrels in the week ended October 4. Economists had forecast a
gain of 1.900 million barrels.
At the same
time, gasoline stocks declined by 1.213 million barrels, while analysts had
expected a drop of 0.900 million barrels. Distillate stocks reduced by 3.943
million barrels, while analysts had forecast a decrease of 2.000 million
production in the U.S. climbed by 200,000 barrels a day to 12.600 million
barrels a day.
U.S. crude oil
imports averaged 6.2 million barrels per day last week, down by 67,000 barrels
per day from the previous week.