The Energy Information Administration (EIA), which is responsible for the U.S. Energy industry, announced on Wednesday that crude oil and gasoline stocks in the United States increased while distillate inventories fell.

The EIA reported that crude inventories increased by 8.7 millions barrels, to 423.8 million in the week ending Jan. 31. This was compared to analysts' expectations according a survey for a 2-million-barrel increase.

The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 34,000 barrels during the past week.

The oil futures market fell after the build was larger than expected. Brent futures, the global benchmark, were trading at $74.88 per barrel at 10:38 am EST (1538 GMT) - down $1.21. U.S. West Texas Intermediate was $1.22 less at $71.48 per barrel.

The EIA reported that refinery crude runs increased by 160,000 barrels a day and utilization rates grew by 1% to 84.5%.

The EIA reported that gasoline stocks increased by 2.2m barrels last week, to 251.1m barrels. Analysts had expected a build of 525,000 barrels.

U.S. futures for gasoline extended losses after the surprising large build-up. ?

The EIA reported that distillate stocks, which includes diesel and heating oil fell by 5.5 millions barrels to 118.5million barrels. This was compared with expectations of a 1.5 million barrel drop.

The EIA reported that net U.S. crude oil imports dropped by 178,000 barrels a day last week. Reporting by Liz Hampton, Denver Editing by Margueritachoy

(source: Reuters)