The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 7.79 million barrels to 502.7 million in the week to January 29.

Analysts had expected U.S. crude oil inventories to rise by 4.8 million barrels.

Gasoline inventories increased by 5.9 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, increased by 747,000 barrels.

U.S. crude oil imports increased by 647,000 barrels per day.

Refineries in the U.S. were running at 86.6% of capacity, down from 87.4% the previous week.