The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories rose by 0.090 million barrels in the week ended April 23, following a build of 0.594 million barrels in the previous week. Economists had forecast a gain of 0.659 million barrels.

At the same time, gasoline stocks edged up 0.092 million barrels, while analysts had expected an increase of 0.508 million barrels. Distillate stocks tumbled by 3.342 million barrels, while analysts had forecast a decrease of 0.648 million barrels.

Meanwhile, oil production in the U.S. fell by 100,000 barrels a day to 10.900 million barrels a day.

U.S. crude oil imports averaged 6.6 million barrels per day last week, increased by 1.2 million barrels per day from the previous week.

FXStreet notes that Brent rose 1.2% yesterday as the commodity continued to rebound off its support of $65. Strategists at Credit Suisse still look for Brent Crude to retest its $71.38/75 highs.

“Brent Crude consolidation is still seen as temporary ahead of a retest of resistance from the $71.38/75 highs of 2020 and 2021. Furthermore, the strength in broader commodities should also keep Brent well supported. Although $71.75 may still cap yet, we continue to look for an eventual break for a move to $75.60, then the ‘“measured flag objective’ at $79.10.” 

“Support is seen at the 63-day average at $64.07.”