The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories rose by 1.321 million barrels in the week ended May 14, following a drop of 0.427 million barrels in the previous week. Economists had forecast a build of 1.623 million barrels.

At the same time, gasoline stocks declined by 1.963 million barrels, while analysts had expected a decrease of 0.886 million barrels. Distillate stocks plunged 2.324 million barrels, while analysts had forecast a draw of 0.386 million barrels.

Meanwhile, oil production in the U.S. remained unchanged at 11.000 million barrels a day.

U.S. crude oil imports averaged 6.4 million barrels per day last week, increased by 0.9 million barrels per day from the previous week.

FXStreet reports that gold (XAU/USD) has taken out the 2020-2021 downtrend. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the yellow metal to extend its rise towards the $2072 2020 peak. 

“We target the $1959/65 November 2020 high and the 2021 high. These guard the 187/78.6% retracement and the $2072 2020 peak. Longer-term, we believe that this will also be overcome.” 

“Dips lower will ideally be contained by the $1807 six-week uptrend. This guards the 20-day ma at $1762 and while above here the market should continue to maintain upside pressure.”