US oil inventories unexpectedly rose 1.5% over the week

According to the US Energy Information Administration (IEA), commercial oil reserves in the country for the week ending May 22 grew by 7.9 million barrels, or 1.5%, to 534.4 million barrels. Analysts had forecast a decline in stocks of 1.9 million barrels.

At the same time, gasoline inventories decreased by 0.7 million barrels, or 0.3%, to 255 million barrels. Forecasts suggested growth of 0.1 million barrels.

Distillate stocks over the same week increased by 5.5 million barrels, or 3.5%, to 164.3 million barrels. An increase of 1.8 million barrels was predicted.

The strategic oil reserve in the country increased compared to the previous week by 2.1 million barrels, or 0.3%, to 643.8 million barrels.