U.S. crude inventories rise less than expected
Oil futures rose Wednesday after Saudi Arabia raised prices for crude sold in Asia, its largest market, and extended gains after official data showed U.S. crude inventories rose less than expected last week.
Analysts surveyed by S&P Global Commodity Insights, on average, had expected crude inventories to show a rise of 3.7 million barrels, while gasoline stocks were expected to drop 2.3 million barrels and distillates were forecast to fall 800,000 barrels. State producer Saudi Arabian Oil Co. 2222, +0.16%, known as Aramco, said Wednesday morning that it raised the official selling price of its flagship Arab Light crude for Asia by 20 cents a barrel to $1.70 a barrel over the benchmark price for April. That was higher than average market expectations for a premium of around $1.50 a barrel, Ewa Manthey and Warren Patterson, commodity strategists at ING, said in a note.
“Despite climbing oil inventories over the past few weeks, oil prices have been displaying stronger than expected strength,” Peter Cardillo, chief market economist at Spartan Capital, said in a note.
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