Crude Oil Up Despite US Inventory Rise



Crude Oil Up Despite US Inventory Rise
Futures in New York maintained gains Wednesday after rising as much as 3.6%.

(Bloomberg) -- Oil held above $51 a barrel as investors shrugged off a government report showing U.S. crude stockpiles rose for the third straight week.

Futures in New York maintained gains Wednesday after rising much as 3.6%, the most in a week. The Energy Information Administration reported that nationwide crude inventories rose 7.46 million barrels last week, more than double the 3.2 million-barrel increase forecast by analysts in a Bloomberg survey. The report also showed a surprise gasoline draw of 95,000 barrels. Investors are awaiting Russia’s decision on whether to go along with an OPEC proposal to deepen production cuts in response to the coronavirus.

West Texas Intermediate for March delivery gained $1.49 to $51.43 a barrel on the New York Mercantile Exchange as of 10:39 a.m. local time.

Brent for April settlement rose by $1.91 to $55.92 a barrel on the London-based ICE Futures Europe exchange.

--With assistance from Grant Smith and James Thornhill.

To contact the reporter on this story: Jackie Davalos in New York at jdavalos10@bloomberg.net

To contact the editors responsible for this story: James Herron at jherron9@bloomberg.net, Catherine Traywick, Christine Buurma

©2020 Bloomberg L.P.

 



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