Domestic oil stocks increased for a third straight week as producers held output at elevated levels – at least by 2021 standards — while high prices curbed gasoline and jet fuel demand.

The U.S. Energy Information Administration (EIA) said Wednesday crude inventories for the week ended Nov. 5, excluding those in the Strategic Petroleum Reserve (SPR), increased by 1.0 million bbl from the previous week. In the final two weeks of October, supplies increased by 7.6 million bbl.

Output has climbed following a robust summer of demand and amid a tight global supply picture in the aftermath of the coronavirus outbreaks that curtailed production in 2020. Production last week held even with the prior period at 11.5 million b/d. That was up from 11.3 million b/d for the week ended Oct....