(Adds crude prices and analyst comment, paragraphs 5-8)
By Liz Moyer
Investing.com — Stockpiles of U.S. crude oil unexpectedly rose last week, snapping eight previous weeks of drawdowns, the Energy Information Administration said on Wednesday.
showed a build of 2.108 million barrels last week, compared with analysts’ expectations for a draw of 4.466 million barrels.
stockpiles, which include diesel and , showed a draw of 1.349 million barrels in the week against expectations for a build of 557,000 barrels, the EIA data showed.
inventories fell 121,000 barrels last week the EIA said, compared with expectations for a draw of 1.043 million barrels.
The higher crude numbers came after eight straight weeks of drawdowns that removed more than 40 million barrels from stockpiles, sending oil “prices” to four-year highs of almost $78 a barrel.
New York-traded , the benchmark for U.S.
oil, tumbled 7.5% to under $67 a barrel at the start of this week for its...read more...