U.S. Crude Inventories Unexpectedly Rose by 5.4M Barrels
Source: www.investing.com
For the week ending May 10, U.S. crude oil inventories rose by 5.4 million barrels, compared to expectations for a decline of 800,000 barrels, the Energy Information Administration said Wednesday. Crude inventories fell by nearly 4 million barrels in the previous week. The unexpected large inventory build this week cast a shadow over the oil market just as fuel demand for the summer was picking up and geopolitical tensions in the Middle East were lending a premium to energy prices. Despite the bearish data release, crude oil prices rebounded, with WTI up by 16 cents, or 0.3%, to $61.94 per barrel by 11:10 AM ET Wednesday, attributable to market worries in recent days about drone and other attacks reported on Saudi Arabian oil tankers and pipelines.
