EIA’s report reveals bigger than expected build in U.S. crude oil inventories

The U.S. Energy Information Administration (EIA) revealed that crude inventories rose by 3.633 million barrels in the week ended February 8. Economists had forecast an increase of 2.400 million barrels.

At the same time, gasoline stocks rose by 0.408 million barrels, while analysts had expected a build of 1.400 million barrels. Distillate stocks climbed by 1.187 million barrels, while analysts had forecast a decrease of 1.500 million barrels.

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

U.S. crude oil imports averaged 6.2 million barrels per day last week, down by 936,000 barrels per day from the previous week.