US crude oil stockpiles jump in latest week

Inventories increased by 10.4m barrels a day over the week ending on 26 February to reach 518.0m barrels, according to the Energy Information Administration, the US Department of Energy’s statistical arm.

Gasoline stockpiles declined by 1.5m barrels and those of distillates rose by 2.9m.

Imports of crude oil increased by 490,000 barrels per day last week.

US refineries operated at 88.3% of their capacity.

As of 16:08GMT front month West Texas Intermediate oil futures were 0.549% higher to $34.59 per barrel on the NYMEX.