U.S. crude inventories increased last week as producers boosted supplies and demand only nudged ahead amid lofty fuel prices that kept consumption in check, albeit at solid levels. It marked the second consecutive weekly increase in stockpiles. 

The U.S. Energy Information Administration (EIA) said Wednesday oil inventories for the week ended Oct. 29, excluding those in the Strategic Petroleum Reserve, increased by 3.3 million bbl from the previous week.

Production last week increased to 11.5 million b/d from 11.3 million b/d the week before, EIA reported in its Weekly Petroleum Status Report. Demand, meanwhile, climbed 1% week/week, led higher by increased consumption of jet fuels. Gasoline demand only inched ahead, however, with prices at the pump hovering near 2021 highs,...