The U.S. Energy Information Administration (EIA) reported Wednesday that
crude inventories increased by 1.956 million barrels in the week ended June 10,
following a surge of 2.025 million barrels in the previous week. Economists had
projected a decline of 1.314 million barrels.
At the same time, gasoline stocks decreased by 0.710 million barrels,
while analysts had forecast a gain of 1.066 million barrels. The prior week saw
a fall of 0.812 million barrels.
Elsewhere, distillate stocks rose by 0.725 million barrels, while
analysts had forecast a build of 0.292 million barrels. The prior week witnessed
a jump of 2.592 million barrels.
Meanwhile, oil production in the U.S. increased by 100,000 barrels a day
to 12.000 million barrels per day.
U.S. crude oil averaged 7.0 million barrels per day last week, recording
an advance of 0.8 million barrels per day from the prior week