EIA: US crude oil stocks increased by 5.7 million barrels

The weekly report published by the United States (US) Energy Information Administration (EIA) on Wednesday revealed that commercial crude oil inventories in the US increased by 5.7 million barrels in the week ending October 25 to come in higher than analysts estimate for a build of 0.5 million barrels.

Crude oil prices came under strong selling pressure on this data and the barrel of West Texas Intermediate was last seen trading at $55, losing 0.8% on a daily basis.

Key takeaways from the press release

"Refineries operated at 87.7% of their operable capacity last week."

"Gasoline production increased last week, averaging 10.2 million barrels per day."

"Distillate fuel production increased last week, averaging 5.0 million barrels per day."

"Total products supplied over the last four-week period averaged 21.3 million barrels per day, up by 3.4% from the same period last year."