Crude oil inventories and production in the U.S. increased for the week ending Sept. 15, the Energy Information Administration (EIA) announced Wednesday.
Commercial crude stocks rose 4.6 million barrels, or 1 percent, to 472.8 million barrels, the EIA said. This marked the third consecutive weekly increase in commercial crude inventories.
Strategic petroleum reserves, on the other hand, fell 1.6 million barrels, or 0.2 percent, to 675.4 million barrels.
Gasoline inventories declined 2.1 million barrels, or 1 percent, to 216.2 million barrels.
Domestic oil production increased by 157,000 barrels per day (bpd) to 9.51 million bpd for the week ending Sept. 15.
While oil imports rose by 888,000 bpd to 7.37 million bpd, oil exports increased by 154,000 bpd to 928,000 bpd.
After the increase in crude oil inventories and production, oil prices fell shortly before recovering and extending gains.
American benchmark West Texas Intermediate rose to as high as $51.09 per barrel, while international benchmark Brent crude climbed to as much as $56.48 a barrel.
By Ovunc Kutlu in New York
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