Oil Prices Extend Gains

March 29, 2017

Oil prices were trading higher on Wednesday afternoon after government data showed that US inventories of crude oil rose by less than expected last week, marking the 11th week in 12 in which inventories have expanded.

West Texas Intermediate (WTI) crude oil, the main US benchmark, was trading 1.4% higher at $49.05 per barrel recently, while Brent crude, the international gauge, was up by 1.3% at $52.11 per barrel. WTI and Brent closed 1.3% and 1.1% higher, respectively, on Tuesday.

US inventories of oil rose by 0.9 million barrels to 534 million barrels in the week ended March 24, according to the Energy Information Administration’s (EIA) weekly oil report, published on Wednesday. This compared to 5 million barrel weekly gain registered the previous week and a 1.9 million barrel weekly increase which had been projected by the American Petroleum Institute (API) on Tuesday.

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By DR Staff Writer

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