US Crude Oil Inventories See Surprising Buildup, Oil Price Drops More Than 6 Percent

Higher inventory buildup indicates an oversupply in the market, which is bearish for prices.

Pump jacks used for gas and oil extraction are seen over the Monterey Shale formation in Lost Hills, Calif., on March 24, 2014. David McNew/Getty Images

Crude inventories in the United States showed an unexpected gain last week, which, together with other factors, contributed to pushing down oil prices.

For the week ending March 28, “U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 6.2 million barrels from the previous week,” the U.S. Energy Information Administration (EIA) said in an April 2 report. This far exceeded market expectations.