The U.S. Energy Information Administration (EIA) informed on Wednesday
that crude inventories jumped by 1.825 million barrels in the week ended May 17, following a
decline of 2.508 million barrels in the previous week. This was the first weekly build in the U.S. crude
inventories in three weeks. Economists had foreseen a draw of 2.550 million barrels.
At the same
time, gasoline stocks dropped by 0.945 million barrels, the
most since the week ended April 12 (-1.150 million barrels). Analysts had predicted
a decrease of 1.200 million barrels. The previous week saw a slip of 0.235 million
barrels.
Elsewhere,
distillate stocks rose by 0.379 million barrels. Analysts
had predicted a fall of 0.380 million barrels. The previous week witnessed a
drop of 0.045 million barrels.
Meanwhile, oil
production in the U.S. held
steady at 13.100 million barrels per day.
U.S. crude oil
imports averaged 6.7 million barrels per day last week, logging a decline of 81,000
barrels per day from the week before.