The U.S. Energy Information Administration (EIA) announced on Wednesday
that crude inventories increased by
1.328 million barrels in the week
ended May 16, following a jump of 3.454 million barrels in the previous week. Economists had expected a draw of 1.850 million
barrels.
At the same
time, gasoline stocks advanced by 0.816 million barrels, the most since late
January. Analysts had forecast
a decrease of 1.760 million barrels. The previous week saw a drop of 1.022 million
barrels.
Elsewhere,
distillate stocks rose by 0.579 million barrels, recording the first gain
in three weeks. Analysts had predicted
a decline of 1.200 million barrels. The previous week witnessed a plunge of 3.155
million barrels.
Meanwhile, oil
production in the U.S. inched up 5,000 barrels per day to 13.392 million barrels
per day.
U.S. crude oil
imports averaged 6.1 million barrels per day last week,
logging a climb of 247,000 barrels per day from the week before.