EIA data shows larger-than-expected crude build while gasoline and distillate inventories also rise beyond estimates.
US crude oil inventories increased by 2.01 million barrels last week, exceeding the 1.052 million drawdown forecast. The build contrasts with market expectations for a decline, signaling potential oversupply concerns.
Gasoline stocks rose by 0.765 million barrels, reversing a projected 1.5 million barrel drawdown, while distillate inventories climbed 1.395 million barrels versus a 0.738 million estimate. Private data earlier in the week had also indicated unexpected builds, with crude up 2.603 million barrels.
The surprise inventory increases may pressure oil prices as traders assess supply-demand dynamics ahead of peak summer demand.