The U.S.' crude oil inventories and production increased for the week ending Nov. 3, the country's Energy Information Administration (EIA) data showed on Wednesday.
Commercial crude oil stocks rose by 2.2 million barrels, or 0.5 percent, to 457.1 million barrels, the EIA said.
This was the second increase in commercial crude inventories in the past seven weeks.
"The increase in crude stocks was driven by a jump in U.S. production," Thomas Pugh, a commodities economist at London-based Capital Economics, said in a note.
"Indeed, output has recovered from the effects of storm Nate and is now at its highest weekly level on record," he added.
The U.S.' crude oil production increased by 67,000 barrels per day (bpd) to 9.62 million bpd for the week ending Nov. 3, the EIA said.
This was the third consecutive weekly increase of crude oil production in the U.S.
The U.S.' gasoline inventories decreased by 3.3 million barrels, or 1.6 percent, to 209.5 million barrels for the week ending Nov. 3, according to the administration.
Crude imports fell by 194,000 bpd to 7.37 million bpd, while crude exports also declined by 1.26 million bpd to 869,000 bpd during that period.
"A rebound in exports in the coming weeks as well as strong demand from refineries mean that crude stocks are likely to fall back, although production should continue to rise," Pugh explained.
(Anadolu Agency)
