The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories climbed by 21.563 million barrels in the week ended February 26. This marked the largest weekly build on record. Economists had forecast a drop of 0.928 million barrels.

At the same time, gasoline stocks tumbled 13.624 million barrels, while analysts had expected a decline of 2.300 million barrels. Distillate stocks plunged by 9.719 million barrels, while analysts had forecast a drop of 3.035 million barrels.

Meanwhile, oil production in the U.S. jumped by 300,000 barrels a day to 10.000 million barrels a day.

U.S. crude oil imports averaged 6.3 million barrels per day last week, increased by 1.7 million barrels per day from the previous week.

FXStreet reports that strategists at Credit Suisse appraise that Brent crude oil stays on course for the 2020 high at $71.75, despite the current pullback.

“Brent Crude is seeing a near-term pause but with a bull ‘flag’ continuation pattern in place, this is seen as a temporary and healthy breather ahead of further strength to the $71.75 high from last year. Whilst a fresh pullback below here will be looked for, a break can see next resistance at $79.10, the ‘measured flag objective’.”