The U.S. Energy Information Administration (EIA) revealed that crude inventories surged by 9.934 million barrels in the week ended April 26. Economists had forecast an increase of 1.750 million barrels.

At the same time, gasoline stocks rose by 0.917 million barrels, while analysts had expected a drop of 0.950 million barrels. Distillate stocks declined by 1.307 million barrels, while analysts had forecast a decrease of 0.750 million barrels.

Meanwhile, oil production in the U.S. increased by 100,000 barrels a day to 12.300 million barrels a day.

U.S. crude oil imports averaged 7.4 million barrels per day last week, up by 265,000 barrels per day from the previous week.