Investing.com - U.S. stockpiles of crude oil rose less than analysts expected last week, the Energy Information Administration reported Wednesday.
Oil inventories rose by 785,000 barrels for the week ended Feb. 28, the EIA said. That compared with expectations for a build of 2.64 million barrels, according to forecasts compiled by Investing.com.
Gasoline inventories fell by 4.34 million barrels, versus forecasts for a decline of about 2.1 million barrels. Distillate stockpilesdropped by 4 million barrels, compared with expectations for a drawdown of 1.93 million barrels.
WTI futures were 2.1% higher on the day after the release, little changed from before the numbers arrived.
“For a third week in a row, the U.S. inventory picture is a lot healthier than the market thought and in contrast to the global situation for oil, given the impact of the coronavirus,” Investing.com analyst Barani Krishnan said.
“Not surprisingly, prices remain higher, though they are off from the session highs, as the market is tracking by every headline coming out of the OPEC meeting,” Krishnan said. “Until we know for sure what OPEC agrees on, expect volatility.”