Over the last four weeks, crude oil imports averaged 8.3 million barrels per day, 10.4 percent above the same four-week period past year.
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However, crude inventories increased by 1.4 million barrels against analysts’ expectations for a decrease.
Analysts believe that investors who buy oil when prices are down also contributed to the price hike.
With overall oil market conditions still weak, and production overhangs in both crude and refined products continuing to weigh, traders said Wednesday’s and Thursday’s price rises would likely be reined in.
Oil companies have postponed or cancelled oil exploration and development projects due to low crude prices, in turn affecting the offshore drilling industry.
US private payroll processor ADP reported before the market opened Wednesday that USA companies added 179,000 jobs to their payrolls in June, showing industries are still hiring despite a downturn in some market sectors.
USA crude was at $40.50 a barrel during morning hours in NY on Thursday, close to four-month lows of $39.19 hit earlier this week.
Oil prices rebounded sharply on Wednesday, with U.S. crude futures climbing back above $40 a barrel after government data showed a much bigger than expected draw in gasoline inventories.
Oil prices are down roughly 20 percent since June, suggesting the market is moving through a short-term bear market. On July, 21, the price of WTI was remaining at its weekly high, but in early August it dropped to its weekly bottom of $41.91. Gasoline stockpiles fell by 3.3 million barrels last week, well above the 200,000-barrel decline forecast by economists.
United States government figures showed employers added more than 250,000 jobs in July, increasing the chances of an interest rate hike in 2016 and likely adding to the appeal of USA currency.
A stronger dollar makes oil and other commodities denominated in the greenback less affordable to holders of the euro and other currencies, typically denting demand for such raw materials. Of the declines, stocks in the PADD 1 district covering the majority of the East Coast, fell by 1.2 million barrels for the week.
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The last time oil settled below the US$40 threshold was on April 18, when it was US$39.78.
