U.S. Crude Oil Inventories Rise by 0.92M Barrels Last Week: EIA
Source: www.investing.com
The closely watched U.S. crude inventories data released by the EIA Wednesday showed a build of 0.92 million barrels for the week to Jan. 25. This outcome was lower than forecasts for a build of 3.1 million barrels, after a gain of 7.97 million barrels in the previous week. On the other hand, gasoline inventories declined by 2.24 million barrels, compared to expectations for a build of 2.80 million barrels. Distillate stockpiles fell by 1.12 million barrels, compared to forecasts for a decline of 2.0 million. Following the lower than expected crude inventory build, WTI crude prices traded up $1.89 at $54.32 a barrel by 10:34 AM ET, compared to $53.83 prior to the data release.
