The lower than expected number does not explain by itself why oil is appreciating, given the health of the energy levels in the US. Some weather concerns and expected rise in heating oil demand support this move.
Oil jumped to $80.05 a barrel on Wednesday, matching its one-year high hit the previous day, after a U.S. government report showed a smaller than expected rise in crude stocks in the world’s top consumer.
Crude oil stocks rose 1.3 million barrels in the latest week, the Energy Information Administration said in its report released at 1430 GMT. That was less than the 1.8 million barrel rise expected.
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Alfonso Esparza