MTECHTIPS:-Oil stays higher as crude stocks rise by 6.5 M barrels

MTECHTIPS:-Oil stays higher as crude stocks rise by 6.5 M barrels

MTECHTIPS-Oil prices stayed higher during North American morning hours on Wednesday, despite data showing that U.S. crude supplies rose for the fourth week in a row last week. Crude oil for March delivery on the New York Mercantile Exchange inched up 24 cents, or around 0.4%, to $53.05 a barrel by 10:35 AM ET (15:35 GMT), after gaining 18 cents, or about 0.3%, a day earlier. Prices were at around $53.11 prior to the release of the inventory data. Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London added 33 cents, or 0.6%, to $55.91 a barrel. Futures rose 26 cents, or nearly 0.5%, on Tuesday. The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 6.5 million barrels in the week ended January 27. Market analysts’ expected a crude-stock gain of 3.3 million barrels, while the American Petroleum Institute late Tuesday reported a supply increase of 5.8 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by 1.245 million barrels last week, the EIA said. Total U.S. crude oil inventories stood at 494.8 million barrels as of last week, which the EIA considered to be at the upper limit of the average range for this time of year.

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