Rising Crude Inventories Fail To Halt Oil Rally | OilPrice.com:
Oil prices dipped only slightly after the Energy Information Administration reported a crude inventory build of 3.4 million barrels for the last week of January.
This compares with an inventory build of 3.5 million barrels for the previous week and analyst expectations of a 3-million-barrel increase for the week to January 31.
In gasoline, the EIA reported an inventory draw of 100,000 barrels for the last week of January. This compared with an increase of 1.2 million barrels for the previous week. Gasoline production in the seven days to January 31 averaged 9.9 million bpd, versus 9.2 million bpd a week earlier.
In distillate fuels, the authority reported a fall in stockpiles of 1.5 million barrels for last week. This compared with a 1.3-million-barrel inventory decline a week earlier. Distillate fuel production last week averaged 5 million bpd, down from a week earlier.
At the time of writing Brent crude was trading at $56.05 a barrel, with West Texas Intermediate at $51.47 a barrel both up by close to 4 percent from yesterday’s close.
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