U.S. crude inventories rose by 2.8 million barrels in the last week, the U.S. Energy Information Administration reported.
Source: www.cnbc.com
Crude oil prices fell nearly 1% on Wednesday, as per data from the U.S. Energy Information Administration’s weekly report. These results were closely linked to U.S. crude inventories unexpectedly rising last week. However, continued OPEC production cuts as well as current disruptions to Venezuela’s crude exports limited losses. For the week ending March 22, U.S. crude oil inventories rose by 2.8 million barrels, compared to forecasts for a decrease of 1.2 million barrels. U.S. WTI crude futures settled 53 cents lower at $59.41 per barrel, posting a 1% loss on Wednesday while International benchmark Brent crude fell 14 cents at $67.83.
