US EIA Shows Lower than Expected Crude Inventory Buildup

The U.S. Energy Information Administration on Wednesday reported an eighth straight weekly increase in domestic crude-oil supplies, but it was smaller than the market expected. Crude inventories rose by 1.5 million barrels for the week ended Feb. 24.

The American Petroleum Institute late Tuesday reported a 2.5 million-barrel climb, according to sources, while analysts polled by S&P Global Platts forecast a climb of 2.1 million barrels. Gasoline supplies declined by 500,000 barrels, while distillate stockpiles fell 900,000 barrels last week, according to the EIA. April crude CLJ7, +0.02% was up 32 cents, or 0.6%, at $54.33 a barrel on the New York Mercantile Exchange. It was trading at $54.28 before the supply data.

via MarketWatch

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