Investing.com - Oil prices gained on Friday in Asia despite weekly data that showed crude inventories rose more than expected. News that suggested OPEC might extend production cuts were cited as supportive for oil today.
U.S. Crude Oil WTI Futures traded 0.6% to $57.11 by 12:25 AM ET (04:25 GMT). International Brent Oil Futures also rose 0.6% to $62.62.
The gains came after OPEC said overnight that it expected demand for its oil to fall in 2020, which provides a clear case for the group to maintain limits on production.
While not a directional driver, the Energy Information Administration said U.S. crude inventories rose by 2.2 million barrels for the week ended Nov. 8, compared with expectations for a build of 1.65 million barrels, according to analysts’ forecasts compiled by Investing.com.
Gasoline inventories rose by nearly 1.9 million barrels, versus expectations for a drop of 1.17 million barrels. Distillate stockpiles fell by about 2.5 million barrels, compared with forecasts for a decline of 950,000 barrels.
“Once again, the crude builds are coming in at the expected levels for the late shoulder season of demand, going into winter,” Investing.com analyst Barani Krishnan said. “Both the 2.2 million bpd crude build and 1.9 million gasoline build trumped expectations, especially gasoline, which went reverse to expectations.”
The inventory numbers were released a day later due to Monday’s federal holiday for Veterans Day.