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HomeCommodity NewsOil Prices Ease as Crude Inventories Rise Unexpectedly

Oil Prices Ease as Crude Inventories Rise Unexpectedly – West Texas Intermediate oil remained lower in North American trade on Wednesday, as data showed that oil supplies in the U.S. unexpectedly rose.

Crude oil futures for November delivery on the New York Mercantile Exchange were lower following the report, down 0.3% at $72.06 a barrel by 10:53 AM ET (14:53 GMT).

The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 1.852 million barrels in the week ended Sept. 21. Market analysts had expected a crude-stock decline of 1.279 million barrels, while the American Petroleum Institute late Wednesday reported an increase of 2.903 million barrels.

Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 461,000 barrels last week, the EIA said.

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