EIA: US crude oil stocks increased by 7.9 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 7.9 million barrels in the week ending November 1st to come in higher than analysts estimate for a build of 1.5 million barrels.

With the initial market reaction, crude oil came under modest selling pressure and the barrel of West Texas Intermediate was last seen trading at $57.25, still up 0.1% on the day.

Key takeaways from the press release

"Refineries operated at 86.0% of their operable capacity last week."

"Gasoline production decreased last week, averaging 10.0 million barrels per day."

"Distillate fuel production decreased last week, averaging 4.9 million barrels per day."

"Total products supplied over the last four-week period averaged 21.2 million barrels per day, up by 2.4% from the same period last year."