U.S. crude oil inventories posted their sixth straight weekly increase, rising more than analysts had anticipated, according to government data released Wednesday. The continued build in crude supplies comes as gasoline and distillate fuel stockpiles declined during the same period.

Meanwhile, U.S. manufacturing activity expanded at its fastest pace since 2022, though the growth came alongside a notable jump in input costs for producers. The manufacturing data suggests continued economic resilience despite ongoing concerns about inflation pressures.

In financial markets, traders have recently increased bearish bets on oil prices, with leveraged positions totaling $977 million betting on a potential decline in crude values. The large speculative position reflects growing uncertainty about oil demand and supply dynamics.

U.S. Treasury bonds extended their recent gains ahead of the release of additional economic data, including retail sales and manufacturing figures. The bond market has experienced its longest drawdown on record, now lasting 68 months.

Consumer staples stocks outperformed during the first quarter as investors sought defensive positions amid market volatility. Agricultural companies Bunge and Archer-Daniels-Midland led gains in the sector as investors favored companies with more stable revenue streams.