The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories increased by 1.572 million barrels in the week ended November 22. Economists had forecast a drop of 0.878 million barrels.

At the same time, gasoline stocks surged by 5.132 million barrels, while analysts had expected a gain of 0.800 million barrels. Distillate stocks rose by 0.725 million barrels, while analysts had forecast an increase of 0.800 million barrels.

Meanwhile, oil production in the U.S. climbed by 100,000 barrels a day to 12.900 million barrels a day, which is a record high.

U.S. crude oil imports averaged 6.2 million barrels per day last week, up by 217,000 barrels per day from the previous week.