Domestic oil stocks climbed while demand for gasoline and other fuels derived from crude slowed last week as Americans scaled back consumption following recent price surges.

The U.S. Energy Information Administration (EIA) said Wednesday oil inventories for the week ended Oct. 22, excluding those in the Strategic Petroleum Reserve, increased by 4.3 million bbl from the previous week.

Overall petroleum demand dropped 9% week/week, EIA reported in its Weekly Petroleum Status Report. Demand was led lower by a 3% decline in motor gasoline consumption and a 22% drop in demand for “other” oils – a broad category that does not include transportation fuels.

Oil demand tapered as prices soared – West Texas Intermediate (WTI) crude topped $83/bbl in the covered week – a 2021...