The U.S. Energy
Information Administration (EIA) reported on Wednesday that crude inventories climbed
by 3.165 million barrels in the week ended March 22, following a fall of 1.952 million
barrels in the previous week. This
marked the first weekly gain in the U.S. crude inventories in three weeks. Economists had predicted a drop
of 1.275 million barrels.
At the same
time, gasoline stocks jumped by 1.299 million barrels, recording the first advance
in eight weeks. Analysts had predicted a draw of 1.650 million
barrels. The previous week saw a plunge of 3.310 million barrels.
Elsewhere,
distillate stocks fell by 1.185 million barrels, recording the first
decrease in three weeks. Analysts had expected
a build of 0.518 million barrels. The previous week witnessed a rise of 0.624 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. million barrels per day last week, logging an increase of 424,000
barrels per day from the week before.