The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories rose by 4.320 million barrels in the week ended October 23. Economists had forecast a gain of 1.230 million barrels.

At the same time, gasoline stocks decreased by 0.892 million barrels, while analysts had expected a decline of 0.961 million barrels. Distillate stocks tumbled by 4.491 million barrels, while analysts had forecast a drop of 2.065 million barrels.

Meanwhile, oil production in the U.S. surged by 1.200 million barrels a day to 11.100 million barrels a day.

U.S. crude oil imports averaged 5.7 million barrels per day last week, increased by 0.5 million barrels per day from the previous week.