Data released by the U.S. Energy Information Administration (EIA) on Thursday showed that U.S. crude oil inventories surged last week as production jumped to a record high, while gasoline and distillate inventories fell. The decrease in refinery utilization and the increase in net imports exacerbated the increase in crude oil inventories.

EIA data showed that the US crude oil inventory soared by 10.2 million barrels last week, reaching 422.2 million barrels, far higher than the increase of 500000 barrels expected by analysts, and the oil price cut back.

According to EIA, gasoline inventories in the United States decreased by 1.3 million barrels to 225.7 million barrels last week, and analysts expected a decrease of 800000 barrels. The inventory of distillate oil, including diesel oil and heating oil, decreased by 1.8 million barrels to 117million barrels, with an expected reduction of 800000 barrels.

Data also showed that the daily output of crude oil in the United States also reached a record 13.2 million barrels last week.

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