The U.S. Energy Information Administration (EIA) announced on Wednesday
that crude inventories increased by 1.117 million barrels in the week ended March
17, following a build of 1.550 million barrels in the previous week. Economists
had predicted a decrease of 1.565 million barrels.
At the same time, gasoline stocks plunged by 6.400 million barrels,
while analysts had forecast a drop of 1.677 million barrels. The prior week saw
a decline of 2.061 million barrels.
Elsewhere, distillate stocks tumbled by 3.313 million barrels, while
analysts had projected a fall of 1.500 million barrels. The prior week witnessed
a draw of 2.537 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 6.2 million barrels per day last week, logging
a decrease of 45,000 barrels per day from the week before.