Brent crude oil futures rose on Wednesday as traders took profit on an over-extended spread trade with U.S. oil, which itself was supported by record heating oil demand due to continued freezing weather.
Stockpiles of distillates, that include heating oil, fell 2.4 million barrels, nearly double what analysts expected, according to the data from the U.S. Energy Information Administration.
In the heavily populated U.S. East Coast, which has been repeatedly hit with snow, stocks dropped to their lowest levels since April 2003.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at email@example.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.