On Wednesday, November 5th, data released by the US Energy Information Administration (EIA) showed that US crude oil inventories increased last week, while gasoline and distillate fuel inventories declined.

The EIA stated that US crude oil inventories rose by 5.2 million barrels to 421.2 million barrels in the week ending October 31st, compared to analysts' expectations of a 603,000-barrel increase.

Crude oil inventories at the Cushing, Oklahoma warehouse increased by 300,000 barrels last week.

Despite the data showing a larger-than-expected inventory increase, crude oil futures pared their losses.

The EIA reported that refinery crude oil processing increased by 37,000 barrels per day last week, while capacity utilization fell by 0.6 percentage points to 86%.

US gasoline inventories fell by 4.7 million barrels to 206 million barrels in the week ending October 31st, compared to analysts' expectations of a 1.1 million-barrel decline.

Distillate fuel inventories, including diesel and heating oil, fell by 643,000 barrels to 111.5 million barrels, compared with analysts' expectations of a 2 million barrel decline.

The EIA reported that net U.S. crude oil imports increased by 867,000 barrels per day last week.

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