The U.S. Energy Information Administration (EIA) revealed that crude inventories rose by 7.069 million barrels in the week ended March 1. Economists had forecast an increase of 1.450 million barrels.

At the same time, gasoline stocks fell by 4.227 million barrels, while analysts had expected a drop of 1.625 million barrels. Distillate stocks reduced by 2.393 million barrels, while analysts had forecast a decrease of 1.000 million barrels.

Meanwhile, oil production in the U.S. was unchanged at 12.100 million barrels a day. 

U.S. crude oil imports averaged 7.0 million barrels per day last week, up by 1,084,000 barrels per day from the previous week.