Domestic crude oil inventories increased by nearly 2 million bbl last week, the U.S. Energy Information Administration (EIA) said Wednesday, marking a fourth-straight week of swelling stocks amid lingering demand weakness.

In its Weekly Petroleum Status Report (WPSR), EIA said overall demand in the week ended March 19 fell 1% week/week and was off 4% when compared with a year earlier. The year/year drop was driven largely by a 29% decline in jet fuel consumption, EIA said. While vaccines are clearing a path to recovery, travel remains light amid the ongoing coronavirus pandemic and fuels used for air travel have for the past year dragged on petroleum demand.

Additionally, analysts at ClearView Energy Partners LLC said, “We believe WPSR data continue to show some impact from...