The U.S. Energy Information Administration (EIA) announced on Wednesday
that crude inventories jumped by 6.165 million barrels in the week ended March 28, following
a decline of 3.341 million barrels in the previous week. This
was the strongest
weekly advance in the U.S. crude inventories since late January. Economists had anticipated a draw of 2.000
million barrels.
At the same
time, gasoline stocks fell by 1.551 million barrels., recording the fifth
consecutive weekly decrease. Analysts had forecast a drop
of 1.900 million barrels. The previous week witnessed a decline of 1.446 million
barrels.
Elsewhere,
distillate stocks rose by 0.264 million barrels, registering the first increase
in five weeks. Analysts had expected a slip of 1.100 million barrels.
The previous week saw a fall of 0.421 million barrels.
Meanwhile, oil
production in the U.S. edged up 6,000 barrels per day to 13.580 million barrels
per day.
U.S. crude oil
imports averaged 6.5 million barrels per day last week,
logging an advance of 271,000 barrels per day from the week before.