Investing.com - U.S. crude oil inventories unexpectedly surged last week, but oil prices remained resilient in the face of the bearish data.
The EIA data showed that crude oil inventories rose by 7.97 million barrels in the week to Jan. 18.
That was compared to forecasts for a stockpile draw of 0.042 million barrels, after a decline of 2.683 million barrels in the previous week.
The EIA report also showed that gasoline inventories rose by 4.05 million barrels, compared to expectations for a build of 2.66 million barrels, while distillate stockpiles decreased by 0.62 million barrels, compared to forecasts for a decline of 0.23 million.
U.S. crude prices were up slightly, trading 0.27% higher at $52.76 a barrel by 11:15 AM ET (15:15 GMT), compared to $52.81 prior to the publication.
London-traded Brent crude futures extended losses, falling 0.61% to $60.77 a barrel, compared to $60.92 ahead of the release.
Crude prices had been under pressure as the prospects of future oil demand are getting clouded by the global growth worries.
"With the IMF downgrading 2019/20 and the continued rhetoric from Davos reiterating that they expect global growth to slow down over the next two years, is providing selling pressure in oil," said Hue Frame, portfolio manager at Frame Funds in Sydney.
Although the sharp reduction in output agreed by OPEC members and its allies has served to support crude prices, investors are concerned that rising production in the U.S. will confound attempts to reduce the global supply glut.
-- Reuters contributed to this report.