WTI futures gain despite large build in weekly US oil inventories

Weekly oil inventories in the States rocketed during the prior week as imports shot higher, official figures revealed.

Total commercial crude stockpiles jumped by 13.8m barrels a day over the seven days ended on 3 February, according to the Energy Information Administration, the US Department of Energy's statistical arm.

Wednesday's data confirmed figures released the night before by American Petroleum Institute showing a weekly build of 14.1m b/d.

Gasoline inventories rose by 0.9m b/d last week, alongside unchanged distillate stockpiles.

In parallel, imports increased by 1.1m b/d, the EIA said in a statement.

The government's figures also showed US refineries operated at 87.7% of their capacity over the same time frame.

Somewhat unexpectedly, as of 1611 GMT front month West Texas Intermediate futures were higher by 0.306% to $52.33 a barrel after having reversed earlier losses.