The U.S. Energy
Information Administration (EIA) informed on Wednesday that crude inventories rose
by 4.199 million barrels in the week ended February 23, following a climb of 3.514
million barrels in the previous week. This marked the fifth straight weekly
advance in the U.S. crude inventories. Economists had predicted a build of 2.743 million
barrels.
At the same
time, gasoline stocks declined by 2.832 million barrels, recording the fourth consecutive
weekly decrease. Analysts had forecast a drop of 1.460 million barrels.
The previous week recorded a fall of 0.294 million barrels.
Elsewhere,
distillate stocks slipped by 0.510 million barrels, recording the sixth
successive weekly fall. Analysts
had expected a draw of 2.140 million barrels. The previous week registered a decrease
of 4.009 million barrels.
Meanwhile, oil
production in the U.S. remained unchanged at 13.300 million barrels per day.
U.S. crude oil
imports averaged 6.4 million barrels per day last week, logging a fall of 269,000
barrels per day from the week before.