Oil prices nudge higher, attempting to shake off rise in U.S. crude inventories


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U.S. oil futures nudged higher early Thursday, shaking off weakness attributed to data a day earlier that showed a further rise in U.S. crude inventories.

Price moves

  • West Texas Intermediate crude
    for April delivery

    rose 24 cents, or 0.3%, to $78.78 a barrel on the New York Mercantile Exchange.

  • April Brent crude
    the global benchmark, was up 2 cents at $83.70 a barrel on ICE Futures Europe. May Brent

    the most actively traded contract, was up 9 cents, or 0.1%, at $82.24 a barrel.

Market drivers

The Energy Information Administration reported Wednesday that domestic commercial-crude inventories rose by 4.2 million to 447.3 million barrels for the week ending Feb. 23. The EIA has now reported gains in crude supply for five weeks in a row.

The report also showed weekly supply declines of 2.8 million barrels for gasoline and 500,000 barrels for distillates.

The data also showed a continued rebound in gasoline supplied, a key measure of implied consumer demand, noted analysts at Sevens Report Research. It hit its second highest level since mid-December at just shy of 8.5 million barrels a day.

“A better consumer demand outlook is supportive of prices near term. Domestic production, meanwhile, has been holding steady at a record
13.3 million barrels/day since late January. Oil production not rising is not bearish and is easing a previous headwind on the market, setting futures up for more upside,” they wrote.

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Alexandra Williams
Alexandra Williams
Alexandra Williams is a writer and editor. Angeles. She writes about politics, art, and culture for LinkDaddy News.

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