US Crude Oil Stockpiles up Unexpectedly, First Time in 9 Weeks By Investing.com – Investing.com

SourceInvesting.com
SectorOil & Gas
CountryGulf

© Reuters.

(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...