The U.S. Energy Information Administration (EIA) reported on Wednesday
that crude inventories rose by 2.909 million barrels in the week ended December
15, following a drop of 4.259 million barrels in the previous week. This marked
the first build in the U.S. crude inventories in three weeks. Economists had forecast a fall
of 2.283 million barrels.
At the same time, gasoline stocks jumped by 2.710 million barrels. Analysts had foreseen a gain of 1.233 million barrels. The previous
week registered an increase of 0.408 million barrels.
Elsewhere, distillate stocks climbed by 1.485 million barrels. Analysts had predicted a
build of 0.496 million barrels. The previous week recorded a surge of 1.499 million
barrels.
Meanwhile, oil production in the U.S. soared by 200,000 barrels a day to
13.300 million barrels per day, its highest level on record (since January 1983).
U.S. crude oil imports averaged 6.8 million barrels per day last week,
logging a gain of 233,000 barrels per day from the week before.