MTECHTIPS;-Crude settles higher despite surprise build in U.S. crude
MTECHTIPS;-Crude settles higher despite surprise build in U.S. crude stockpiles
MTECHTIPS- Crude futures settled higher on Wednesday, but pulled back sharply from one-month highs, after the latest Energy Information Administration (EIA) report showed an unexpected rise in U.S. crude inventories to a record high. On the New York Mercantile Exchange crude futures for April delivery added 12 cents to settle at $51.15 a barrel, while on London’s Intercontinental Exchange, Brent gained 22 cents to settle at 54.29 a barrel. Oil prices retreated from one-month highs, as fears returned that a ramp up in U.S. oil production could prove a challenge to an OPEC-led deal aimed at tackling the oversupply issue in the industry. For the week ending March 29, The EIA said that crude oil inventories rose by 1.566 million barrels compared to estimates of a draw of 0.435 million barrels. Gasoline inventories dipped by 0.618 million against expectations for a drop of 1.422 million barrels while distillate stockpiles fell by 0.536 million barrels, compared to expectations of a 1.016 million decline.
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