The U.S. Energy Information Administration (EIA) revealed that crude inventories rose by 1.263 million barrels in the week ended February 1. Economists had forecast an increase of 1.850 million barrels.

At the same time, gasoline stocks rose by 0.513 million barrels, while analysts had expected a build of 1.500 million barrels. Distillate stocks fell by 2.257 million barrels, while analysts had forecast a decrease of 2.000 million barrels.

Meanwhile, oil production in the U.S. was unchanged at 11.900 million barrels per day. 

U.S. crude oil imports averaged 7.1 million barrels per day last week, down by 1,108,000 barrels per day from the previous week.