The U.S. Energy Information Administration (EIA) announced on Wednesday
that crude inventories advanced by
0.515 million barrels in the week
ended April 11, following a rise of 2.553 million barrels in the previous week.
Overall, this was the third straight weekly increase in U.S. crude inventories,
but the weakest one in the sequence. Economists had predicted a build of 0.400
million barrels.
At the same
time, gasoline stocks declined by 1.958 million barrels, recording the seventh
consecutive weekly fall. Analysts
had expected a draw of 1.600 million barrels. The previous week recorded a drop
of 1.600 million barrels.
Elsewhere,
distillate stocks fell by 1.851 million barrels. Analysts
had forecast a decrease of 1.200
million barrels. The previous week registered a plunge of 3.544 million
barrels.
Meanwhile, oil
production in the U.S. increased by 4,000 barrels per day to 13.462 million
barrels per day.
U.S. crude oil
imports averaged 6.0 million barrels per day last week,
logging a decrease of 189,000 barrels per day from the week before.