The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories increased by 1.379 million barrels in the week ended November 15. Economists had forecast a gain of 1.500 million barrels.

At the same time, gasoline stocks rose by 1.756 million barrels, while analysts had expected a gain of 0.750 million barrels. Distillate stocks reduced by 0.974 million barrels, while analysts had forecast a decrease of 1.000 million barrels.

Meanwhile, oil production in the U.S. was unchanged at 12.800 million barrels a day.

U.S. crude oil imports averaged 6.0 million barrels per day last week, up by 222,000 barrels per day from the previous week.

• Adds Russia to produce 556-560 million tons of oil in 2019 
• Global oil demand growth in 2020 is expected to be around 1 million barrels per day