Oil Rally Halts After Another Big Build in U.S. Crude Stockpiles
Source: www.investing.com
The U.S. crude futures rally was halted on Wednesday, as U.S. stockpiles unexpectedly rose by 7.24 million barrels for the week to March 29. Data from the weekly report by Energy Information Administration showed that this re compared to forecasts for a draw of 425,000 barrels and after a 2.8 million barrels build in the previous week. The hefty increase in inventories has prevented WTI from cracking the $63-a-barrel resistance and Brent oil from getting past the Saudis’ first-aspired-to target of $70. Following theses recent data results, WTI settled down 12 cents, or 0.2%, at $62.46 while Brent was down 4 cents, or 0.1%, at $69.33 per barrel by 2:46 PM ET on Wednesday.
