US crude oil stockpiles register unexpected build in latest week

US oil stocks registered an unexpected build last week, pushing already weak oil futures lower.

Over the seven days ending on 25 December, stockpiles of commercial US crude rose by 2.6m barrels from the previous week to reach 487.4m, according to the Energy Information Administration, the US Department of Energy’s statistical arm.

Analysts had been expecting a drop of 1m barrels.

That came as crude oil imports increased by 566,000 per day during the week in question.

Gasoline inventories also rose by 0.9m barrels, while those of distillates jumped by 1.8m.

As of 1533 GMT front month Brent crude futures were down by 3.31% to reach $36.58 per barrel in ICE trading.