Oil futures held on to gains Wednesday despite a large and unexpected rise in crude inventories. The Energy Information Administration said U.S. crude stocks...
Oil futures held on to gains Wednesday despite a large and unexpected rise in crude inventories. The Energy Information Administration said U.S. crude stocks rose 8.5 million barrels last week. Analysts surveyed by S&P Global Commodity Insights, on average, had looked for a fall of 1.8 million barrels.
Gasoline inventories were down 3.6 million barrels, compared with expectations for a fall of 1.9 million barrels; distillate stocks fell 900,000 barrels versus a forecast for a 1.6 million barrel drop. West Texas Intermediate crude for June delivery CL.1, +4.95% was up $5.55, or 5.6%, at $105.31 a barrel on the New York Mercantile Exchange.
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