Brent Oil Stays Above $106 on Cushing

Brent crude oil futures rose on Wednesday as traders took profit on an over-extended spread trade with U.S. oil, which itself was supported by record heating oil demand due to continued freezing weather.

Stockpiles of distillates, that include heating oil, fell 2.4 million barrels, nearly double what analysts expected, according to the data from the U.S. Energy Information Administration.

In the heavily populated U.S. East Coast, which has been repeatedly hit with snow, stocks dropped to their lowest levels since April 2003.

CNBC

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