Oil Rises After Inventory Data Shows Lower Gasoline Stocks

Oil futures slightly pared losses as government data showed a much smaller build in U.S. crude inventories than an earlier industry report suggested.
U.S. crude stocks rose last week while gasoline inventories fell for the first time since November, data from the Energy Information Administration showed on Wednesday.

Crude inventories rose by 3.5 million barrels in the last week to a total of 507.6 million, compared with analysts’ expectations for an increase of 3.4 million barrels. Gasoline stocks fell by 2.2 million barrels, compared with analysts’ expectations in a Reuters poll for a 1 million barrels drop.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 333,000 barrels, EIA said.

The American Petroleum Institute (API), an industry group, said on Tuesday crude inventories rose by 7.1 million barrels last week.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza