The U.S. Energy Information Administration (EIA) reported on Thursday
that crude inventories surged by 4.515 million barrels in the week ended February
18, following an increase of 1.121 million barrels in the previous week.
Economists had forecast a build of 0.442 million barrels.
At the same time, gasoline stocks slipped by 0.582 million barrels,
while analysts had expected a drop of 1.450 million barrels. The prior week
showed a fall of 1.331 million barrels.
Elsewhere, distillate stocks reduced by 0.585 million barrels, while
analysts had projected a decrease of 1.763 million barrels. The prior week
revealed a draw of 1.552 million barrels.
Meanwhile, oil production in the U.S. remained unchanged at 11.600
million barrels per day.
U.S. crude oil imports averaged 6.8 million barrels per day last week, up
by 1.0 million barrels per day from the prior week.