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Oil prices rally after U.S. crude inventory data

Xinhua,February 15, 2018 Adjust font size:

NEW YORK, Feb. 14 (Xinhua) -- Oil prices reversed early losses to settle higher on Wednesday as official data showed a smaller-than-expected increase in U.S. crude stockpiles.

U.S. crude oil inventories were up 1.8 million barrels to 422.1 million last week, the third weekly increase in a row after 11 weeks of consecutive drawdowns, said the Energy Information Administration (EIA) in its weekly report on Wednesday. Analysts had expected an increase of 2.8 million barrels.

Gasoline inventories, however, rose 3.6 million barrels, more than expected, said the EIA.

A weaker U.S. dollar also made the dollar-priced commodity more attractive for holders of other currencies. The U.S. dollar index decreased for a third straight day on Wednesday as investors digested a batch of economic data.

The dollar index, which measures the greenback against six major peers, decreased 0.65 percent to 89.124 at 3:00 p.m. (2000 GMT).

The West Texas Intermediate for March delivery increased 1.41 U.S. dollars to settle at 60.60 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery added 1.64 dollars to close at 64.36 dollars a barrel on the London ICE Futures Exchange. Enditem

 

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