A jump in imports was the main driver behind an increase in US crude inventories last week, according to the country’s Energy Information Administration (EIA).
Analysts had expected a 200,000 barrel increase in stocks, but a rise of 2.5million barrels was achieved.
The total at the end of the week stood at 523million barrels, up from 72.8million a year ago, as the glut shows no sign of dissipating.
Meanwhile, US gas stocks rose by 36,000 barrels to 232million barrels, according to EIA data, despite Gulf Coast refinery slowdowns, which caused a sharp slide in output.