BREAKING: US Crude Stocks rise unexpectedly
Crude inventories in the US rose by 1.91 million barrels in the week ended March 19th, following an 2.396 million increase in the previous week and compared with analysts’ estimates of a 0.272 million decrease, according to the EIA Petroleum Status Report.
Cushing Crude Oil inventories dropped by 1.935 million barrels, following a 0.624 million barrels decrease from last week.
Gasoline inventories rose by 0.203 about million barrels, following a 0.472 million barrels increase in the prior period and below analysts’ expectations of 1.186 million barrels advance.
US distillate inventories rose by 3.806 million barrels after increasing 0.255 million barrels in the previous week.
WTI Crude Oil (OIL.WTI) price fell after the release of today’s EIA report and is heading towards support level at $59.03.