MTECHTIPS:- Crude Oil Trims Gains after EIA Storage Build

MTECHTIPS:- Crude Oil Trims Gains after EIA Storage Build

MTECHTIPS -Oil prices trimmed gains on Wednesday, after the U.S. Energy Information Administration reported a larger than forecast U.S. oil inventory build last week. U.S. crude oil was up 39 cents or 0.89% at $48.63 a barrel at 10.35 ET from around $48.75 ahead of the report. Global benchmark Brent futures were at $54.38 a barrel, up 11 cents or 0.2% from $54.59 earlier. Crude oil inventories rose by 5.88 million barrels last week, the EIA said. That was compared to forecasts for a stockpile build of 3.2 million barrels after a build of 4.58 million barrels in the previous week. The report also showed that gasoline inventories fell by 8.42 million barrels, compared to expectations for a decline of 2.05 million barrels, while distillate stockpiles dropped by 3.21 million barrels, compared to forecasts for a decrease of 1.53 million. The report came after industry group the American Petroleum Institute said that U.S. oil inventories increased by 6.2 million barrels last week. It was the second straight build after Hurricane Harvey shut production in some Gulf of Mexico fields and refineries in Texas as some domestic producers also trimmed output to avoid a larger glut at storage
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