In aggregate, total commercial crude and product stocks rose to 1.130 billion barrels, according to a weekly report from the Energy Information Administration, above the previous weekly record high of 1.127 billion barrels set in September 1990.

Before EIA began breaking out weekly stocks data in 1990, it measured monthly inventory levels, which once totaled as high as 1.36 billion barrels in August 1980. The rise in total commercial stocks came even as domestic crude stocks fell 818,000 barrels to 354.2 million barrels as refineries boosted their processing rates. Most analysts polled by Reuters had expected a 1 million-barrel draw in crude inventories.

Distillate stocks rose 1.1 million barrels to 174.2 million barrels, less than expectations for a 1.5 million-barrel rise.

Stocks of gasoline fell by 39,000 barrels to 223.3 million barrels, less than analyst expectations for a 100,000-barrel draw.

In addition to a rise in distillates, the stock build was spurred by an expansion of inventories in refined products such as jet fuel and reformulated gasoline and blending components, weekly data showed. “Inventories rising to new highs are a confirmation that supplies are growing faster than demand,” said Tim Evans of Citi Futures Perspective in New York. “At some point we cross a threshold where this has to weigh more heavily on the market.”

The EIA data was seen by analysts as more bullish than inventory figures released by the American Petroleum Institute, which had shown a sharp 5.9 million-barrel build in US crude stocks last week.  “The EIA data ... appear more supportive than what the API reported, but overall the big picture still shows that stockpiles are high,” said Phil Flynn of PFGBest in Chicago.

EIA data showed that US crude imports rose 121,000 barrels a day last week to 9.53 million bpd. Refinery utilisation rose sharply by 1.9 per centage points to 90 per cent of total capacity, as plants processed more crude.