On September 11, the U.S. Energy Information Administration (EIA) released its weekly State of the Oil report. The report showed that crude oil inventories increased by 800,000 barrels from last week, below analysts' forecasts of 1 million barrels. The current level of crude oil inventories is about 4% below the average for the same five-year period.

The report also noted that total gasoline inventories increased by 2.3 million barrels from last week, while analysts expected them to decrease by 100,000 barrels. Distillate inventories likewise increased by 2.3 million barrels.

U.S. crude imports increased by 1.1 million barrels to an average of 6.9 million barrels per day. Crude imports over the past four weeks have averaged 6.5 million bpd.

The Strategic Petroleum Reserve increased from 379.7 million barrels to 380.0 million barrels as the U.S. continues to purchase oil for its reserves.

Domestic crude oil production remained unchanged at 13.3 million barrels per day. The current level of oil prices failed to prompt producing companies to boost production.

WTI crude oil prices fell back below $66 following the report, with gasoline inventories significantly exceeding analysts' expectations, which was negative for the oil market. Brent crude oil prices also fell below $69.50 following the report.

Taken as a whole, traders remain concerned about a possible slowdown in the U.S. economy and weak oil demand from China.