EIA: US crude oil stocks increased by 3.1 million barrels, WTI drops below $53

The weekly report published by the US Energy Information Administration (EIA) revealed that commercial crude oil inventories in the US increased by 3.1 million barrels in the week ending September 27 compared to analysts estimate for a build of 1.6 million barrels.

With the initial market reaction, crude oil prices came under renewed selling pressure and the barrel of West Texas Intermediate was last seen trading at $52.75, losing 2.1% on a daily basis.

Key takeaways from the press release

"Refineries operated at 86.4% of their operable capacity last week."

"Gasoline production decreased last week, averaging 10.1 million barrels per day."

"Distillate fuel production decreased last week, averaging 4.8 million barrels per day."

"Total products supplied over the last four-week period averaged 20.9 million barrels per day, up by 2.1% from the same period last year."