Oil Flat After US Weekly Crude Inventories Inline with Expectations

Oil prices pared some of their losses Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose by 2.4 million barrels for the week ended March 2. Analysts surveyed by S&P Global Platts had forecast a climb of 2.5 million barrels, while the American Petroleum Institute on Tuesday reported a rise of 5.7 million barrels, according to sources.

West Texas Intermediate graph

Gasoline stockpiles fell by 800,000 barrels for the week, while distillate stockpiles decreased by 600,000 barrels, according to the EIA. The S&P Global Platts survey forecast supply declines of 500,000 barrels for gasoline and 1.6 million barrels for distillates. April crude CLJ8, -0.81% fell 27 cents, or 0.4%, to $62.33 a barrel on the New York Mercantile Exchange, up from $61.85 before the supply data.

via MarketWatch

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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