Brent Oil Rises Close To $110 On Ukraine Tension; US Oil Unmoved
Crude oil stocks rose 10 million barrels to 394 million barrels in the week ending April 11, according to the Energy Information Administration (EIA), far more than the 2.3 million-barrel build expected by analysts. Inventories were boosted in part by a 5.2 million-barrel build on the Gulf Coast, to the highest level since the EIA began collecting data in 1990.
Brent's premium to U.S. West Texas Intermediate <CL-LCO1=R> crude grew on Wednesday to the widest level since March 26.
"For Brent/WTI, there is a growing realisation that the United States is not short of crude," said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas.
Libya Loadings
Growing scepticism that Libyan exports can resume quickly or sustainably has also supported Brent.
A tanker started loading at Libya's eastern port of Hariga on Wednesday for the first time in nearly nine months, after a federalist group agreed to reopen the port last week.
But the larger terminals of Ras Lanuf and Es Sider remain in rebel hands and their fate is subject to further negotiations with the government of the OPEC exporter.
Fresh evidence of slowing economic growth in China, the world's second-largest economy and oil consumer, had put pressure on oil prices early in the day though the data was stronger than many had expected.
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