US crude oil inventories rose by more than double expectations last week.
Gasoline and distillate stocks fell, according to the latest data from the Energy Information Administration released on Wednesday.
The new data showed that US commercial crude oil inventories rose by 4.3 million barrels to 430.8 million barrels per week.
And ended on October 22, compared to analysts’ expectations of an increase of only 1.9 million barrels.
In contrast, the Energy Information Administration said that gasoline stocks in the United States fell by two million barrels.
It reached 215.8 million barrels last week, compared to expectations for a decline of 1.9 million barrels.
The US stockpiles of distillates, which include diesel, heating oil, and jet fuel, decreased by 432,000 barrels.
It reached 125 million barrels last week, much less than analysts’ estimates, who had expected a 2.3 million barrel decline.
According to the new data, the average consumption of US refineries reached 15 million barrels per day during the past week, an increase of 58 thousand barrels per day over the average of the previous week.
The average US imports of crude oil reached 6.3 million barrels per day last week, an increase of 430,000 barrels per day over the average of the previous week.