Domestic oil stocks increased for a third consecutive week as demand for petroleum products, including gasoline and jet fuel, declined in tandem with soaring prices.  

The U.S. Energy Information Administration (EIA) said Thursday oil inventories for the week ended Oct. 8, excluding those in the Strategic Petroleum Reserve, increased by 6.1 million bbl from the previous week.

At 427.0 million bbl, inventories are still 6% below the five-year average, EIA’s Weekly Petroleum Status Report showed. This resulted from the combination of mounting demand and modest production over the summer months. However, the deficit has begun to narrow this fall. U.S. oil stocks climbed nearly 13 million bbl over the past three weeks.

Over the final two weeks of September, double-digit...