The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories rose by 4.892 million barrels in the week ended July 17. Economists had forecast a decrease of 1.950 million barrels.

At the same time, gasoline stocks dropped by 1.802 million barrels, while analysts had expected a decline of 1.386 million barrels. Distillate stocks increased by 1.073 million barrels, while analysts had forecast a decrease of 0.618 million barrels.

Meanwhile, oil production in the U.S. grew by 100,000 barrels a day to 11.100 million barrels a day.

U.S. crude oil imports averaged 5.9 million barrels per day last week, up by 373,000 thousand barrels per day from the previous week.