The US Energy Information Administration said US inventories of crude oil rose by 5.78 million barrels last week. While analysts estimated that US oil inventories rose by 2.43 million barrels last week, ending November 2.
The Department of Energy Information said in a statement on Wednesday that gasoline stocks rose by about 1.9 million barrels during the same period. In contrast, distillate stocks, consisting of heating oil and diesel (diesel), fell by 3.5 million barrels.
Following the data, crude oil prices fell, with Brent crude for January delivery, down 0.65% to 71.72 dollars per barrel, compared with yesterday's closing.
Earlier in the day, Brent crude hit $73 a barrel, supported by information on Saudi-Russian consultations to cut oil production in 2019.
