Weekly US oil inventories jump, push WTI futures higher

US crude oil stockpiles jumped last week, pushing crude oil futures higher, albeit alongside sharp drops in product inventories.

Commercial oil inventories rose by 4.9m barrels per day over the seven days ending on 7 October, according to the Energy Information Administration, the US Department of Energy's statistical arm.

Gasoline inventories meanwhile decreased by 1.9m b/d and those of distillate fuels by another 3.7m b/d.

Imports of crude oil rose by 151,000 barrels a day last week when compared with the prior seven-day stretch, the EIA said.

Refineries operated at 85.5% of their capacity last week.

As of 1642 BST front month West Texas Intermediate crude futures were rising by 0.28% to $50.32 per barrel on ICE.