Breaking: U.S. Oil Inventories Rose by 785,000 Barrels Last Week – EIA

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Investing.com – U.S. of rose less than analysts expected last week, the reported Wednesday.

rose by 785,000 barrels for the week ended Feb. 28, the said. That compared with for a build of 2.64 million barrels, according to forecasts compiled by Investing.com.

fell by 4.34 million barrels, versus forecasts for a of about 2.1 million barrels. dropped by 4 million barrels, compared with expectations for a drawdown of 1.93 million barrels.

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were 2.1% higher on the day after the release, little changed from before the numbers arrived.

“For a third week in a row, the U.S. inventory picture is a lot healthier than the thought and in contrast to the global situation for oil, given the impact of the coronavirus,” Investing.com analyst Barani Krishnan said.

“Not surprisingly, remain higher, though they are off from the session highs, as the market is tracking by every headline coming out of the meeting,” Krishnan said. “Until we know for sure what agrees on, expect volatility.”

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Source: Investing.com

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