The U.S. Energy Information Administration (EIA) revealed on Thursday that crude inventories increased by 2.219 million barrels in the week ended November 8. Economists had forecast a gain of 1.500 million barrels.

At the same time, gasoline stocks rose by 1.861 million barrels, while analysts had expected a drop of 1.250 million barrels. Distillate stocks reduced by 2.477 million barrels, while analysts had forecast a decrease of 0.950 million barrels.

Meanwhile, oil production in the U.S. climbed by 200,000 barrels a day to 12.800 million barrels a day, which is a record high.

U.S. crude oil imports averaged 5.8 million barrels per day last week, down by 327,000 barrels per day from the previous week.