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Oil Rises After US Crude Inventories Rise But Gasoline Stockpiles Drop

2024-06-22OANDAOANDA
Oil extended gains on Wednesday after government data showed a build in U.S. crude stockpiles in line with expectations and a big drop in gasoline inventories. The Energy Information Administration reported crude stocks rose by 3.9 million barrels in the previous week to a total of 521.9 million barrels, meeting analysts’ estimates. Total motor gasoline […]



Oil extended gains on Wednesday after government data showed a build in U.S. crude stockpiles in line with expectations and a big drop in gasoline inventories.

The Energy Information Administration reported crude stocks rose by 3.9 million barrels in the previous week to a total of 521.9 million barrels, meeting analysts’ estimates.
Total motor gasoline stockpiles dropped by 4.5 million barrels, and distillate fuel stocks also decreased by 1.1 million barrels.

Closely watched weekly production figures were barely changed.

U.S. crude futures were up $1.34 at $37.84 by 11:10 a.m. ET (1610 GMT). Brent crude futures rose $1.14 to $40.79 a barrel, having touched three-month highs on Tuesday above $41.

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