US oil inventories jump but product stockpiles drop, EIA says

US oil inventories rocketed last week, but gains were offset by sharp falls in product stockpiles.

Commercial crude oil stockpiles increased by 8.2m barrels a day during the week ending on 3 March to reach 528.4m, according to the Energy Information Administration, the US Department of Energy's statistical arm.

However, those of motor gasoline plummeted by 6.6m barrels, together with a 2.7m barrel fall in those of distillates.

In parallel, imports ran at an average pace of 8.2m barrels a day last week, which was 561,000 barrels more than during the previous week.

Meanwhile, refineries operated at 85.9% of their operating capacity.

As of 1552 GMT West Texas Intermediate crude oil futures were 0.739% lower to $52.75 a barrel on NYMEX.