The U.S. Energy Information Administration (EIA) reported on Wednesday
that crude inventories rose by 2.377 million barrels in the week ended January
21, following a build of 0.515 million barrels in the prior week. Economists
had forecast a decrease of 0.728 million barrels.
At the same time, gasoline stocks increased by 1.297 million barrels,
while analysts had expected a gain of 2.548 million barrels. The prior week
showed a jump of 5.873 million barrels.
Elsewhere, distillate stocks declined by 2.798 million barrels, while
analysts had expected a drop of 1.260 million barrels. The prior week revealed
a draw of 1.431 million barrels.
Meanwhile, oil production in the U.S. decreased by 100,000 barrels a day
to 11.600 million barrels per day.
U.S. crude oil imports averaged 6.2 million barrels per day last week,
decreased by 0.5 million barrels per day from the prior week.