Crude oil holds gains after U.S. supply data
Investing.com
Published Apr 16, 2014 10:41AM ET
Crude holds gains after U.S. supply data
Investing.com - Crude oil futures held gains on Wednesday despite U.S. inventories data showing that crude stockpiles rose far more-than-expected last week.
On the New York Mercantile Exchange, crude oil futures for delivery in May were trading at $104.36, up 0.58%. Prices were at $104.35 a barrel prior to the release of the supply data.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 10.01 million barrels in the week ended April 11, compared to expectations for a build of 2.25 million barrels.
Total U.S. crude oil inventories stood at 394.1 million barrels as of last week.
The EIA said total motor gasoline inventories decreased by 0.2 million barrels, compared to forecasts for a decline of 1.66 million barrels, while distillate stockpiles decreased by 1.27 million barrels.
A report from the American Petroleum Institute late Tuesday showed U.S. oil inventories rose by 7.6 million barrels last week, while gasoline stocks fell by 500,000 barrels and distillate stocks dropped by 1.1 million barrels.
Crude prices remained supported after official data released earlier Wednesday showed that China’s gross domestic product expanded at an annual rate of 7.4% in the first three months of 2014, slowing from 7.7% in the fourth quarter, but slightly ahead of expectations for growth of 7.3%.
The data supported the demand outlook in the world’s second largest energy consumer.
Crude prices were also underpinned as heightened tensions between Russia and Ukraine stoked fears over possible supply disruptions.
Ukrainian troops continued operations to recapture state buildings from armed pro-Russia separatists in the east of the country on Wednesday, as Russia's President Vladimir Putin warned that Ukraine is on the verge of civil war.
Meanwhile, Brent oil for June delivery was up 0.53% to $109.97 a barrel on the ICE Futures Exchange in London, while the spread between the Brent and U.S. crude contracts stood at $5.61.
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Written By: Investing.com
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