The U.S. Energy Information Administration said in its weekly report on Wednesday that U.S. crude supplies increasedMovement.up.gainby 1.0 million barrels last week , risingMovement.up.gainfor the second consecutive week .
U.S. crude stocks increasedMovement.up.gainby 6 million barrels in the week to Feb. 7 to 438.9 million barrels , beating analysts ' expectations for an increaseMovement.up.gainof half a million , data from industry group the American Petroleum Institute showed .
U.S. crude stocks fellMovement.down.lossby more than expected last week as refineries increasedMovement.up.gainoutput before the July 4 holiday weekend , data from the Energy Information Administration showed on Wednesday .
Exports have increasedMovement.up.gainsharply since the start of 2013 and have exceeded 200,000 bpd in five of the past six months .
On Sunday China increasedCause.movement.up.gaintariffs by 25 % on 128 different U.S. products including pork , wine , nuts and seamless steel pipes , in response to trade tariffs from the U.S. .
`` They decided they had enough -- they were the swing producer and they increasedMovement.up.gainproduction and drove prices downMovement.down.lossdramatically , '' said Dr. Gary Ross , chief executive of PIRA Energy Group , who has followed oil markets since the 1970s .
Oil futures increasedMovement.up.gainmore than 4 percent on Friday as China reported its weakest levelPosition.lowdaily number of new coronavirus cases since late January , stoking investor hopes that fuel demand growth in the world 's second-largest oil consumer may begin to growGrow.strongfrom the epidemic .
`` Oil prices have not increasedMovement.up.gainalarmingly because the market is still working off the surplusesOversupplybuilt up in the second half of 2018 , '' the IEA said .