Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

WTI oil futures trim gains after U.S. inventory report

Published 01/23/2014, 11:04 AM
Updated 01/23/2014, 11:04 AM
U.S. oil prices pare gains after U.S. inventory report

Investing.com - U.S. oil futures trimmed gains on Thursday after government data showed that U.S. oil supplies rose more-than-expected last week.

On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in March traded at USD96.98 a barrel during U.S. morning trade, up 0.25%. Nymex oil prices traded at USD97.13 a barrel prior to the release of the supply data.

New York-traded oil futures hit a session high of USD97.41 a barrel earlier in the day, the strongest level since January 2.

WTI oil prices settled up 1.85% on Wednesday to end at USD96.73 a barrel. Nymex oil futures were likely to find support at USD95.12 a barrel, the low from January 22 and resistance at USD97.99 a barrel, the high from December 5.

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 1.0 million barrels in the week ended January 17, compared to expectations for an increase of 0.6 million barrels.

Total U.S. crude oil inventories stood at 351.2 million barrels as of last week.

The report also showed that total motor gasoline inventories increased by 2.1 million barrels, broadly in line with market expectations.

The data came out one day later than usual due to the Martin Luther King Jr. Day holiday earlier in the week.

Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for March delivery shed 0.75% to trade at USD107.48 a barrel, while the spread between the Brent and U.S. crude contracts stood at USD10.50 a barrel.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.