The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories jumped
by 2.927 million barrels in the week ended October 4. Economists had forecast a
gain of 1.900 million barrels.
At the same time, gasoline stocks declined by 1.213 million barrels, while analysts had expected a drop of 0.900 million barrels. Distillate stocks reduced by 3.943 million barrels, while analysts had forecast a decrease of 2.000 million barrels.
Meanwhile, oil production in the U.S. climbed by 200,000 barrels a day to 12.600 million barrels a day.
U.S. crude oil imports averaged 6.2 million barrels per day last week, down by 67,000 barrels per day from the previous week.
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