U.S. oil inventories rose much more than the market expected last week, the Energy Information Administration said Wednesday.
The EIA said oil stockpiles rose by 7.9 million barrels, compared with expectations from analysts for an increase of about 1.5 million barrels.
Gasoline stockpiles fell by 2.8 million barrels, versus an expectation for a draw of 1.8 million barrels. Distillates inventories fell 622,000 barrels, compared with forecasts for a drop of about 950,000.
Crude Oil WTI Futures rose 0.3% after the report.
