U.S. oil reserves unexpectedly increased

U.S. commercial oil inventories (excluding the strategic reserve) rose unexpectedly by 2.4 million barrels, or 0.6%, to 412.4 million barrels, according to a weekly report from the US Department of Energy. Analysts had expected a decline of 2.1 million barrels.

At the same time, the strategic oil reserve in the country decreased by 3.7 million barrels, to 564.6 million. And oil reserves at the country's largest terminal in Cushing for the reporting period increased from 24.2 million barrels to 25.9 million.

U.S. gasoline inventories fell 2 million barrels in a week to 236.8 million. Analysts had expected a rise of 1 million barrels. Distillate inventories also unexpectedly increased by 0.8 million barrels to 114.3 million. Forecasts assumed their decline by 0.8 million barrels.

Oil production

Oil production in the US increased by 100 thousand barrels per day - up to 11.8 million barrels. On average, over the past four weeks, US oil production amounted to 11.675 million barrels per day. On March 8, the Ministry of Energy of the country raised the forecast for the average oil production in the country for the current year to 12.03 million barrels, and for the next year - up to 12.99 million barrels per day.