The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories surged by 5.720 million barrels in the week ended June 5. Economists had forecast a decrease of 1.738 million barrels.

At the same time, gasoline stocks rose by 0.866 million barrels, while analysts had expected a gain of 0.071 million barrels. Distillate stocks increased by 1.568 million barrels, while analysts had forecast a build of 2.957 million barrels.

Meanwhile, oil production in the U.S. decreased by 100,000 barrels a day to 11.100 million barrels a day.

U.S. crude oil imports averaged 6.9 million barrels per day last week, increased by 0.7 million barrels per day from the previous week.

FXStreet notes that gold is struggling to resume the uptrend with momentum still poor but strategists at Credit Suisse think the yellow metal will eventually pop higher to test the $1800.

“Gold is struggling to extend its uptrend with poor momentum and current lack of falling real yield support weighing on the market. Further consolidation should be allowed for, but we look for the bull trend to resume in due course post this phase for a test of $1796/1803 next.” 

“Big picture, as per our original spotlight from June 2019 we continue to eventually look for new highs above $1921, with resistance then seen next at $2000, then $2075/80.”

“Support at $1660 needs to hold to avoid a near-term top.”