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Crude Oil Rebounds After EIA Supply Report

Summary:
Futures for crude oil rebounded after the decline earlier today even as a report from the Energy Information Administration showed a buildup of US inventories of crude. The EIA estimated that oil stockpiles expanded by 1.3 million barrels last week following the 0.9 million increase the week before. Yet some analysts were expecting an increase by more than 2 million barrels. Furthermore, gasoline inventories increased by just 0.5 million barrels, whereas specialists had predicted an increase of 1.6 million. And on top of that, distillate inventories dropped by 2.3 million barrels, while experts were anticipating a smaller increase. Gains of the commodity were capped by the strong US dollar. It made assets priced in the US currency more expensive to buy, reducing their appeal to traders.

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Futures for crude oil rebounded after the decline earlier today even as a report from the Energy Information Administration showed a buildup of US inventories of crude. The EIA estimated that oil stockpiles expanded by 1.3 million barrels last week following the 0.9 million increase the week before. Yet some analysts were expecting an increase by more than 2 million barrels. Furthermore, gasoline inventories increased by just 0.5 million barrels, whereas specialists had predicted an increase of 1.6 million. And on top of that, distillate inventories dropped by 2.3 million barrels, while experts were anticipating a smaller increase.

Gains of the commodity were capped by the strong US dollar. It made assets priced in the US currency more expensive to buy, reducing their appeal to traders.

Futures for delivery of WTI crude oil in March rose 0.45% to $53.9 per barrel as of 19:40 GMT on NYMEX today. Brent crude for delivery in April gained 0.89% to $62.53 per barrel on ICE.


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Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

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