New York:Oil prices experienced a significant surge, rising nearly 4% during Wednesday's trading session, following the release of US data indicating an increase in crude inventories alongside declines in gasoline and distillate stocks.

According to Emirates News Agency, Brent crude futures climbed by $3.83, or 3.86%, settling at $103.08 per barrel. In contrast, US West Texas Intermediate (WTI) crude futures increased by $1.64, or 1.81%, reaching $92.16 per barrel.

The US Energy Information Administration (EIA) reported that crude oil inventories rose by 3 million barrels in the week ending September 18, reaching a total of 426.4 million barrels. This increase defied analysts' expectations of a 641,000-barrel decline.

At the Cushing, Oklahoma, delivery hub, crude stocks increased by 2.2 million barrels, totaling 23.7 million barrels. Meanwhile, refinery crude runs decreased by 519,000 barrels per day, and refinery utilization rates dropped by 2.8 percentage points to 94%.

Distillate inventories, which encompass diesel and heating oil, saw a reduction of 428,000 barrels, bringing the total to 107.4 million barrels. Gasoline stocks also fell by 1.7 million barrels, reaching 206 million barrels. Additionally, US net crude oil imports grew by 369,000 barrels per day during the same week.