Oil prices rally amid U.S. inventory data
Xinhua,February 01, 2018 Adjust font size:
NEW YORK, Jan. 31 (Xinhua) -- Oil prices rebounded Wednesday despite official data showed a larger-than-expected increase in U.S. crude stockpiles.
Crude oil inventories rose by 6.8 million barrels in the January 26 week to 418.4 million, snapping a 10th weekly drawdown in a row and exceeding market consensus, the Energy Information Administration (EIA) said in its weekly report on Wednesday.
Gasoline stockpiles fell by two million barrels for the week, while distillate stockpiles declined by 1.9 million barrels, according to the EIA.
Meanwhile, U.S. oil output in November roughly matched the monthly record of 10.04 million barrels a day set in November 1970, said the EIA's report.
The West Texas Intermediate for March delivery increased 0.23 U.S. dollar to settle at 64.73 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery edged up 0.03 dollar to close at 69.05 dollars a barrel on the London ICE Futures Exchange. Enditem