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5 Feb 2020
US crude oil stocks rose 3.4 million barrels, WTI up more than 4% near $51.70
- Crude oil inventories in US rose more than expected in last week of January.
- WTI continues to push higher despite the EIA data, closes in on $52.
Commercial crude oil stocks in the US rose 3.4 million barrels in the week ending January 31st, the US Energy Information Administration (EIA) reported in its weekly report on Wednesday. This reading came in higher than the market expectation for an increase of 80K barrels.
Despite the higher-than-expected build in crude oil stocks, the barrel of West Texas Intermediate (WTI) continues to push higher and was last seen trading at $51.70, adding 4.6% on a daily basis.