U.S. crude stocks rose last week as imports jumped, while swollen gasoline stocks decreased and distillates unexpectedly rose as refiners hiked output, data from the Energy Information Administration showed on Thursday. Crude inventories rose by 4.2 million barrels to 487 million in the last week, compared with analysts’ expectations for an increase of 1.0 million barrels. Stockpiles have now risen for seven consecutive weeks, nearing a record high above 490 million barrels touched in April. “It’s another data point highlighting the oil glut in the U.S. or the global markets for that matter,” said Chris Jarvis, analyst at Caprock Risk Management in Frederick, Maryland. “With inventories approaching record levels, coupled with weak equity markets and a stronger dollar, we would not be surprised to see a retest of the $38 level set in August.” The EIA data came on the heels of an OPEC report that suggested the producer […]