The U.S. Energy Information Administration (EIA) reported on Wednesday
that crude inventories jumped by 3.889 million barrels in the week ended September 27,
following a drop of 4.471 million barrels in the previous week. This marked the strongest weekly gain in the
U.S. crude inventories since the week ended April
26 (+7.265 million barrels). Economists had predicted a decrease of 1.300 million
barrels.
At the same
time, gasoline stocks climbed by 1.119 million barrels. Analysts had expected a draw
of 0.100 million barrels. The previous week saw a drop of 1.538 million barrels.
Elsewhere,
distillate stocks declined by 1.284 million barrels. Analysts
had forecast a fall of 1.500 million barrels. The previous week witnessed a tumble
of 2.227 million barrels.
Meanwhile, oil
production in the U.S. rose by 100,000 barrels a day to 13.300 million barrels
per day.
U.S. crude oil
imports averaged 6.6 million barrels per day last week,
logging an advance of 171,000 barrels per day from the week before.