U.S. crude inventories rose last week, boosted by another jump in production to a new record, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration (EIA) said Nov. 7.
Oil prices fell after the EIA reported that crude inventories rose by 5.8 million barrels in the week to Nov. 2, more than double analysts' expectations for an increase of 2.4 million barrels. Overall production rose to 11.6 million barrels a day (bbl/d), a new weekly record, although analysts rely more on monthly figures, which are published with a lag.
"It is a bearish report, with the further rise in overall crude oil inventories of 5 million barrels and the large rise in inventories at the Cushing delivery hub of over 2 million barrels," said John Kilduff, a partner at Again Capital Management in New York.
U.S. West Texas Intermediate crude futures fell 77 cents to $61.43 a barrel as of 10:05 a.m. CST (16:05 GMT). Brent crude lost 61 cents to $71.53 a barrel.
Crude stocks at the Cushing, Okla., delivery hub rose by 2.4 million barrels, EIA said.
Refinery crude runs fell by 9,000 bbl/d, EIA data showed. Refinery utilization rates rose by 0.6 percentage points.
Gasoline stocks rose by 1.9 million barrels, compared with analysts expectations in a Reuters poll for a 2.3 million-barrel drop.
Distillate stockpiles, which include diesel and heating oil, fell by 3.5 million barrels, vs. expectations for a 2.6 million-barrel drop, the EIA data showed.
Net U.S. crude imports rose last week by 275,000 bbl/d.