The U.S. Energy
Information Administration (EIA) informed on Wednesday that crude inventories jumped
by 3.210 million barrels in the week ended March 29, following a climb of 3.165
million barrels in the previous week. Economists had forecast a draw of 1.511 million
barrels.
At the same
time, gasoline stocks plunged by 4.256 million barrels.
Analysts had expected a drop of 0.820 million barrels. The previous week recorded
a surge of 1.299 million barrels.
Elsewhere,
distillate stocks declined by 1.268 million barrels. Analysts had predicted a slip of 0.604 million
barrels. The previous week registered a fall of 1.185 million barrels.
Meanwhile, oil
production in the U.S. was unchanged at 13.100 million barrels per day.
U.S. crude oil
imports averaged 6.6 million barrels per day last week, logging a drop of 85,000
barrels per day from the week before.