EIA: US crude oil stocks increased by 2.9 million barrels, WTI clings to gains above $53

• Crude oil stocks rose more than expected in the United States (US). 
• West Texas Intermediate (WTI) prices largely ignored this data.

The weekly report published by the US Energy Information Administration (EIA) revealed that commercial crude oil inventories in the US increased by 2.9 million barrels in the week ending October 4, compared to analysts estimate for a build of 1.4 million barrels.

Despite this reading, the barrel of WTI clings to its daily gains above the $53 mark, adding a little more than 1% on a daily basis.

Key takeaways from the press release

"Refineries operated at 85.7% of their operable capacity last week."

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

"Distillate fuel production increased 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 3.0% from the same period last year."