The U.S. Energy Information Administration (EIA) announced on Wednesday
that crude inventories increased by
2.149 million barrels in the week ended
November 1, following a drop of 0.515 million barrels in the previous week. Economists had forecast
a build of 1.800 million barrels.
At the same
time, gasoline stocks rose by 0.412 million barrels. Analysts had expected a drop of 1.200 million barrels. The previous week recorded
a decline of 2.707 million barrels.
Elsewhere,
distillate stocks climbed by 2.947 million barrels, recording the first advance in seven
weeks. Analysts
had foreseen a draw of 1.000 million barrels. The previous week registered a decrease
of 0.977 million barrels.
Meanwhile, oil
production in the U.S. held
steady at 13.500 million barrels per day.
U.S. crude oil
imports averaged 6.2 million barrels per day last week,
logging a rise of 265,000 barrels per day from the week before.