US crude stocks rose as production jumped to a record high, while gasoline and distillate inventories fell last week, the Energy Information Administration (EIA) said in its weekly Petroleum Status Report on Thursday, Report informs via Reuters.
Crude inventories rose by 10.2 million barrels in the week ended Oct. 6 to 424.2 million barrels, well over the 500,000-barrel build analysts forecast in a Reuters poll.
"The crude build was stunning. The market is taking it as a little bearish, it’s pulled us off the highs," said Phil Flynn, an analyst at Price Futures Group. He added that the jump in US production "caught some eyes" and "caused profit taking."
US weekly crude production soared by 300,000 barrels per day (bpd) last week to a record high of 13.2 million bpd, EIA said. That was the biggest week-over-week gain in output since early August.
Crude futures pared earlier gains after the EIA report with Brent futures up 85 cents, 1.0%, to $86.67 a barrel at 11:26 a.m. EDT (1526 GMT) and U.S. West Texas Intermediate (WTI) crude up 64 cents, or 0.8%, to $84.13.