Oil Rises After US Crude Inventories Rise But Gasoline Stockpiles Drop

Oil extended gains on Wednesday after government data showed a build in U.S. crude stockpiles in line with expectations and a big drop in gasoline inventories.

The Energy Information Administration reported crude stocks rose by 3.9 million barrels in the previous week to a total of 521.9 million barrels, meeting analysts’ estimates.
Total motor gasoline stockpiles dropped by 4.5 million barrels, and distillate fuel stocks also decreased by 1.1 million barrels.

Closely watched weekly production figures were barely changed.

U.S. crude futures were up $1.34 at $37.84 by 11:10 a.m. ET (1610 GMT). Brent crude futures rose $1.14 to $40.79 a barrel, having touched three-month highs on Tuesday above $41.

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