The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories
increased by 7.929 million barrels in the week ended November 1. Economists had
forecast a gain of 2.000 million barrels.
At the same
time, gasoline stocks declined by 2.828 million barrels, while analysts had
expected a drop of 2.000 million barrels. Distillate stocks reduced by 0.622
million barrels, while analysts had forecast a decrease of 1.250 million
barrels.
Meanwhile, oil
production in the U.S. was unchanged at 12.600 million barrels a day.
U.S. crude oil
imports averaged 6.1 million barrels per day last week, down by 620,000 barrels
per day from the previous week.