(ABM FN-Dow Jones) The price of a barrel of crude oil closed higher on Wednesday, although the latest data from the US energy agency EIA showed that US crude inventories rose last week.
The data showed that U.S. crude inventories rose 1.2 million barrels to 480.2 million for the week ended Feb. 24.
Gasoline inventories fell 0.9 million barrels to 239.2 million barrels.
Stocks of fuel oil and diesel increased by 0.2 million barrels to 122.1 million units.
The capacity utilization of the refineries amounted to 85.8 percent. That was 85.9 percent a week earlier.
The American Petroleum Institute reported late Tuesday an increase in U.S. crude oil inventories of 6.2 million barrels, while gasoline inventories fell by 1.8 million barrels and distillates fell by 341,000 barrels.
The rise marks the tenth consecutive week of rising inventories in the US, with total crude oil inventories rising further from the five-year average at this point in the season, ING said.
At the same time, it was announced that China’s manufacturing purchasing managers’ index rose to 52.6 in February, up from 50.1 in the previous month, raising hopes [verder] strengthened on stronger crude oil demand from China after Beijing ended its coronavirus measures.
Meanwhile, in March, Russia will cut crude oil production and limit exports in response to new rounds of price caps and sanctions imposed by Western countries over Russia’s invasion of Ukraine just over a year ago.
The April futures for a barrel of West Texas Intermediate crude closed 0.8 percent, or $0.64, higher on Wednesday at $77.69 on the New York Mercantile Exchange.
Bron: ABM Financial News
