U.S. crude oil reserves increase

U.S. Crude Oil Inventories increased by 3 million barrels last week and reached 397,6 million barrels, showed the U.S. Energy Information Administrations report on Thursday. Forecast was for a decline of 600 000 barrels to 393,8 million. Crude oil inventories stood at 394,6 million barrels the preceding week, when stockpiles declined by 350 000 barrels.

U.S. gasoline stockpiles fell surprisingly. The Energy Information Administrations report showed gasoline inventories fell to a seasonally adjusted rate of 1.514 million barrels, compared to an increase of 3.015 million barrels the preceding period.

Oil futures rebounded after reserves data came out and gasoline reserves unexpectedly decreased. WTI crude prices went above $93.50 at 15:20 GMT, supported by the gasoline stockpiles decrease.

Michael McCarthy, a chief market strategist at CMC Markets in Sydney said: “It’s clear at the moment we have a bias to the downside, with concerns about global growth and increasing inventory numbers equaling lower prices.”

The American Petroleum Institute yesterday showed gasoline inventories rose 1,9 million barrels, compared to forecasts of a 100 000 barrels increase. Distillate products rose by 3,1 million barrels, way above the expectations for a lack of volume change. After the settlement on Wednesday, API’s report showed U.S. crude inventories surprisingly rose by 4.4 million barrels, much higher than Reuters’ expectations of a 400 000 barrels decrease.