The U.S. Energy Information Administration (EIA) reported on Wednesday
that crude inventories increased by 2.423 million barrels in the week ended February
3, following a jump of 4.140 million barrels in the previous week. Economists
had forecast a gain of 2.457 million barrels.
At the same time, gasoline stocks surged by 5.008 million barrels, while
analysts had predicted a build of 1.271 million barrels. The prior week saw a rise
of 2.576 million barrels.
Elsewhere, distillate stocks climbed by 2.932 million barrels, while
analysts had foreseen an advance of 0.097 million barrels. The prior week witnessed
a soar of 2.320 million barrels.
Meanwhile, oil production in the U.S. rose by 100,000 barrels a day to
12.300 million barrels per day.
U.S. crude oil imports averaged 7.1 million barrels per day last week, recording
a decline of 225,000 barrels per day from the week before.