The
U.S. Energy Information Administration (EIA) reported on Wednesday that crude
inventories rose by 3.291 million barrels in the week ended October 29,
following an increase of 4.267 million barrels in the previous week. Economists
had forecast a build of 2.225 million barrels.
At
the same time, gasoline stocks decreased by 1.488 million barrels, while
analysts had expected a drop of 1.333 million barrels. Distillate stocks jumped
by 2.160 million barrels, while analysts had forecast a decline of 1.443
million barrels.
Meanwhile,
oil production in the U.S. increased 200,000 barrels a day to 11.500 million
barrels a day.
U.S.
crude oil imports averaged 6.2 million barrels per day last week, down by
83,000 barrels per day from the previous week.