In its report on Wednesday, the Energy Information Administration announced that crude oil and distillate inventories in the US increased, while gasoline inventories decreased last week.

According to the EIA, crude oil inventories surged by 6.2 million barrels to reach 439.8 million barrels in the week ending March 28, surpassing analysts' predictions of a 2.1 million-barrel decline. Stocks at the Cushing, Oklahoma delivery hub also went up by 2.4 million barrels.

Despite the significant rise in inventories, crude prices remained relatively stable. The global benchmark Brent futures were trading at $74.39 a barrel, down 11 cents, while U.S. West Texas Intermediate futures were trading at $71.16 a barrel, down 5 cents.

Last week, refinery crude runs decreased by 192,000 barrels per day, with utilization rates dropping by 1 percentage point to 86%, as reported by the EIA. Gasoline inventories declined by 1.6 million barrels to 237.6 million barrels, compared to the expected 1.7 million-barrel drop.

Distillate stockpiles, which include diesel and heating oil, increased by 300,000 barrels to 114.6 million barrels, contrary to the predicted 1 million-barrel decrease, based on EIA data.

The EIA noted that net U.S. crude imports saw an increase of 999,000 barrels per day last week.