The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 3.38 million barrels to 480.0 million in the week to October 23. It was the fifth consecutive increase.

Analysts had expected U.S. crude oil inventories to rise by 3.5 million barrels.

Gasoline inventories decreased by 1.1 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, fell by 785,000 barrels.

U.S. crude oil imports dropped by 417,000 barrels per day.

Refineries in the U.S. were running at 87.6% of capacity, up from 86.4% the previous week.