Commercial crude oil inventories in the US increased by 6 million barrels in the week ending October 8, the weekly report published by the US Energy Information Administration (EIA) revealed on Thursday. This reading came in much higher than the market expectation for an inventory build of 0.7 million barrels.

Market reaction

The barrel of West Texas Intermediate (WTI( edged lower from daily highs after this report and was last seen trading at $80.90, where it was up 0.4% on the day.

Additional takeaways

"Total motor gasoline inventories decreased by 2.0 million barrels last week and are about 2% below the five year average for this time of year."

"US crude oil imports averaged 6.0 million barrels per day last week, decreased by 1.0 million barrels per day from the previous week."

"Total products supplied over the last four-week period averaged 20.7 million barrels a day, up by 12.5% from the same period last year."