The U.S. Energy Information Administration (EIA) reported on Wednesday
that crude inventories rose by 0.545 million barrels in the week ended November 15,
following a jump of 2.089 million barrels in the previous week. Overall, this was
the third straight weekly gain in the U.S. crude inventories but the
weakest one in the sequence. Economists had anticipated a build of 0.400 million barrels.
At the same
time, gasoline stocks climbed by 2.054 million barrels, the most since the week ended September
6 (+2.31 million barrels). Analysts had predicted an advance of 1.620 million barrels. The previous week witnessed
a plunge of 4.407 million barrels.
Elsewhere,
distillate stocks decreased by 0.114 million barrels. Analysts had forecast a drop of 0.200 million
barrels. The previous week saw a decline of 1.394 million barrels.
Meanwhile, oil
production in the U.S. decreased by 199,000 barrels a day to 13.201 million
barrels per day. This marked the lowest
output since the week ended September
20 (13.200 million).
U.S. crude oil
imports averaged 7.7 million barrels per day last week,
logging an increase of 1.2 million barrels per day from the week before.