As demand eased, stockpiles of U.S. oil increased last week and ended a previous three-week run of inventory decreases, federal data show.

In its Weekly Petroleum Status Report (WPSR), the U.S. Energy Information Administration (EIA) said domestic crude inventories for the week ended April 16 rose by 600,000 bbl from the previous week. The total, which excludes supplies in the Strategic Petroleum Reserve, left oil inventories 1% above the five-year average.

EIA said demand fell 8% week/week as jet fuel consumption remained light, given coronavirus flare-ups across North America, Europe and Asia along with lingering concerns about long-distance travel. Demand for jet fuel declined 13% week/week.

However, momentum could soon resume, analysts say. Vaccine programs are...