Oil Stockpiles Edged Up 90,000 Barrels Last Week: EIA By Investing.com – Investing.com

Oil Stockpiles Edged Up 90,000 Barrels Last Week: EIA By Investing.com – Investing.com

© Reuters.

By Liz Moyer

Investing.com -- U.S. oil stockpiles rose less than expected in the latest week, the Energy Information Administration said on Wednesday.

edged higher by 90,000 barrels last week, compared with analysts' expectations for a build of 659,000 barrels.

stockpiles, which include diesel and , fell 3.342 million barrels in the week against expectations for a draw of 648,000 barrels, the EIA data showed.

were 253,000 barrels. The weekly rose 0.4%, according to the EIA report.

inventories rose by 92,000 barrels last week the EIA said, compared with expectations for a build of 508,000 barrels.

“This is another dataset that should bring some cheer to the bulls in the market, as you can see from the way both and have moved up,” said Investing.com analyst Barani Krishnan. “This U.S. narrative will strengthen the conviction of longs in the market, as the market warms to Goldman Sachs's bullish-to-the-marrow call for $80 oil amid lingering concerns about Indian and Japanese demand.”

Krishnan said there appeared to be little oil flowing out of the Permian, the premier U.S. shale basin, compared to a year ago.

“That's partly what's helping the oil bulls for now,” he said.