Oil Rises After Smaller Buildup in Inventories and Soft USD

U.S. crude stocks rose less then expected last week, while gasoline stocks rose by more than analysts had forecast as refineries cut output, data from the Energy Information Administration showed on Wednesday.

Crude inventories rose by 1.8 million barrels in the week to Feb. 9, short of analysts’ expectations for an increase of 2.8 million barrels.


West Texas Intermediate graph

“With a big drop in refining activity as we descend deeper into maintenance season, we have seen a third consecutive build to crude stocks,” said Matt Smith, director of commodity research at ClipperData in Louisville, Kentucky.

U.S. crude futures rose on the news, with West Texas Intermediate up 42 cents to $59.61 a barrel as of 10:45 a.m. EST (1545 GMT). Brent gained 44 cents to $63.16 a barrel.

Gasoline stocks rose by 3.6 million barrels, more than double the 1.2 million-barrel gain forecast by analysts polled by Reuters.

via Reuters