U.S. Crude Oil Inventories Rise More Than Expected

The U.S. Energy Information Administration (EIA) reported a significant increase in crude oil inventories last week, with a rise of 3.824 million barrels, surpassing market expectations of 1.055 million barrels. According to RTHK, gasoline inventories decreased by 3.654 million barrels, exceeding the anticipated drop of 2.649 million barrels. Distillate stocks also fell by 1.349 million barrels, more than the expected decline of 692,000 barrels. Additionally, the U.S. saw a daily increase in crude oil imports by 661,000 barrels, while refinery capacity utilization rose by 1.6 percentage points.