NEW YORK (Reuters) – U.S. crude oil stockpiles rose more than expected last week, building for the ninth consecutive week, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose 4.9 million barrels in the week to Nov. 16, compared with analysts’ expectations for an increase of 2.9 million barrels. Total inventories were 446.91 million barrels, the highest level since December 2017. The last time crude stocks grew for nine straight weeks was between Jan. 6, 2017 to March 3, 2017. Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures fell by 116,000 barrels, EIA said. “The report was somewhat bearish due to the large crude oil inventory build,” said John Kilduff, a partner at Again Capital Management in New York. Still, he said the drawdown in refined product inventories and jump in refinery activity could signal the end of the recent string of mostly bearish reports. “Gasoline demand remains strong, and it will only strengthen as we get into the holiday shopping season,” he said. Crude pulled back immediately after the report but then strengthened, with U.S. crude up nearly 3 percent and Brent futures up 1.6 percent by 11:30… continue reading
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