The U.S.’ crude oil inventories surpassed market expectations last week revealing a hefty increase, according to data released by the Energy Information Administration (EIA) on Wednesday.
Commercial crude oil inventories rose by 15.2 million barrels, or 3.2%, to 484.4 million barrels for the week ending April 3, the EIA data showed. The market expectation was an increase of 9.27 million barrels. Inventories rose by 13.8 million barrels during the previous week.
Strategic petroleum reserves, which are not included in the commercial crude stocks, remained unchanged at 635 million barrels last week, the data revealed.
Gasoline inventories also showed an