EIA’s report reveals much-bigger-than-expected advance in U.S. crude oil inventories

The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories jumped by 9.281 million barrels in the week ended October 11. Economists had forecast a gain of 3.000 million barrels.

At the same time, gasoline stocks declined by 2.562 million barrels, while analysts had expected a drop of 1.500 million barrels. Distillate stocks reduced by 3.823 million barrels, while analysts had forecast a decrease of 2.500 million barrels.

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

U.S. crude oil imports averaged 6.3 million barrels per day last week, up by 70,000 barrels per day from the previous week.