Commodities – WTI Oil Futures Extend Gains After Crude Inventories

Investing.com – After a brief initial reaction to the downside, West Texas Intermediate oil managed to rebound and head higher in North American trade on Wednesday, despite data showing that oil supplies in the U.S. registered a larger-than-expected inventory build.

for April delivery on the New York Mercantile Exchange fell 13 cents, or 0.43%, to trade at $60.97 a barrel by 10:34AM ET (1:34GMT) compared to $60.89 ahead of the report.

The U.S. Energy Information Administration said in its weekly report that rose by 5.022 million barrels in the week ended February 10. Market analysts’ had expected a crude-stock build of 2.023 million barrels, though the American Petroleum Institute late Tuesday reported a build of just 1.156 million.

, the key delivery point for Nymex crude, increased by 0.338 million barrels last week, the EIA said. Total U.S. crude oil inventories stood at 430.9 million barrels as of last week, according to press release, which the EIA considered to be “in the lower half of the average range for this time of year”.

However, the report also showed that decreased by 6.271 million barrels, compared to expectations for a draw of 1.176 million barrels, while fell by 4.360 million barrels, compared to forecasts for a decline of 1.519 million.

Elsewhere on Nymex, for April delivery rose 1.7 cents to $1.9083 a gallon by 10:41AM ET (14:41GMT), while April gained 1.0 cents to $1.8841 a gallon..

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