The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories increased by 5.702 million barrels in the week ended October 25. Economists had forecast a gain of 0.500 million barrels.

At the same time, gasoline stocks declined by 3.037 million barrels, while analysts had expected a drop of 2.300 million barrels. Distillate stocks reduced by 1.032 million barrels, while analysts had forecast a decrease of 2.400 million barrels.

Meanwhile, oil production in the U.S. was unchanged at 12.600 million barrels a day.

U.S. crude oil imports averaged 6.7 million barrels per day last week, up by 840,000 barrels per day from the previous week.