U.S. crude stocks rose more than twice as much as expected last week, while gasoline stocks increased and distillate inventories fell, data from the Energy Information Administration (EIA) showed on Wednesday. Crude inventories rose by 10.3 million barrels in the last week to 444.37 million, compared with analysts’ expectations for an increase of 4.2 million barrels. “Overall, it’s another bearish data point in an already bearish fundamental environment,” said Dominick Chirichella, senior partner, Energy Management Institute, New York. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 536,000 barrels, EIA said. U.S. Gulf Coast crude oil stockpiles last week reached their highest level since the EIA began keeping records in 1990, up 5.4 million barrels to 219.9 million barrels in the region with the majority of the nation’s refining capacity. “It shows that all the cuts in capex spending and rig counts have not […]