Oil News

Crude Oil steady as U.S inventories come out higher than expected

Crude Oil steady as U.S inventories come out higher than expected

U.S. crude oil stockpiles rose more than forecast last week as imports were still rising while distillate fuel inventories fell, U.S. Energy Information Administration data showed on Wednesday. Commercial crude oil stockpiles in the United States increased by 4.1 million barrels to 341.6 million barrels in the week ended Feb. 26, EIA reported. Industry group data on Tuesday also showed a larger-than-forecast rise. According to data from the American Petroleum Institute on Tuesday, crude inventories in the world’s biggest oil consumer rose by 2.7 million barrels last week. Crude oil is trading at $80.90 as of 21:40pm, GMT, with a bearish trend.