Data from the Energy Information Administration showed that domestic crude inventories increased by 1.90 million barrels during the week ended November 10th. The figure ran contrary to an estimate for a drop of -1.00 million barrels from a survey of analysts conducted by S&P Global Platts while coming in below the 6.50 million barrel climb announced by the American Petroleum Institute on Tuesday.
The EIA report also disclosed a decline in distillate stocks in the US Gulf to a one-year low, while overall refining rates gained during the latest week, driven by a surge in East Coast refining, which is operating at a record 99.80% capacity utilization. Higher refining rates could eventually deplete crude supplies, helping prices remain elevated. Brent crude futures were last seen around $62.05 a barrel, with any rise above $62.20 a barrel possibly unlocking further upside after support was established around the $61-mark.