U.S. crude oil futures fell on Wednesday after government data showed a hefty build in crude inventories, but losses were curtailed by a larger-than-expected stocks draw in distillates, the third in as many weeks, spurred by severely cold weather.
U.S. oil stocks rose by 6.4 million barrels, including a 237,000-barrel build at Cushing, Oklahoma, where the U.S. oil futures benchmark contract is priced, data from the U.S. Energy Information Administration (EIA) showed. Temperatures in the U.S. Midwest and heavily populated Northeast have hovered at or below the freezing mark for several weeks, driving up demand for heating fuels.
Brent crude oil rose moderately, supported by Middle East supply concerns. Spillover attacks from the civil war in Syria have hindered development of Iraq’s gas and oil reserves and a major pipeline to the Mediterranean has been blown up dozens of times, Iraq’s top energy official said on Tuesday.
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