U.S. oil inventories spiked during the week ended Dec. 4 as petroleum demand only ticked up slightly and remained below year-earlier levels amid new economic restrictions imposed to slow coronavirus outbreaks, according to the Energy Information Administration (EIA).

In its Weekly Petroleum Status Report (WPSR), EIA said Wednesday U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased by 15.2 million bbl from the previous week on robust imports. That followed a draw of 700,000 bbl a week earlier.

“After steady declines since July, total crude and product stocks increased by the highest total since the week ending April 17, due primarily to a high level of crude imports,” analysts at Clearview Energy Partners said. Exports also...