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Last week witnessed an unexpected surge in U.S. crude oil stockpiles

The US Energy Information Administration said Thursday that crude oil inventories unexpectedly rose last week, while distillate inventories increased and gasoline inventories fell.

The administration said crude inventories rose 4.5 million barrels in the week ended May 26, compared to analysts’ expectations of a 1.4 million barrel decline, according to a Reuters poll.

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The administration said oil inventories at a delivery center in Cushing, Oklahoma, rose 1.6 million barrels last week.

He added that oil consumption by US refineries increased by 96,000 barrels per day. The refinery’s operating numbers rose 1.4 points that week.

On the other hand, the administration said gasoline inventories fell 200,000 barrels last week from analysts’ expectations of 500,000 barrels, according to a Reuters poll.

Energy Information Administration data showed that inventories of distillates, including diesel and heating oil, rose by about one million barrels compared to an expected increase of 900,000 barrels.

The administration said net U.S. crude oil imports increased by one million barrels a day.

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