Investing.com - U.S. oil prices remained near a four-month high
on Wednesday, after a U.S. government report showed that oil
supplies rose more-than-expected last week.
On the New York Mercantile Exchange, West Texas Intermediate
crude for delivery in March rose to a session high of USD101.33 a
barrel, the most since October 18.
Nymex oil prices last traded at USD101.03 a barrel during U.S.
morning hours, up 1.1%. Nymex oil prices traded at USD101.20 a
barrel prior to the release of the supply data.
The March contract settled down 0.12% on Tuesday to end at
USD99.94 a barrel. Nymex oil futures were likely to find support at
USD99.11 a barrel, the low from February 10 and resistance at
USD101.70 a barrel, the high from October 18.
The U.S. Energy Information Administration said in its weekly
report that U.S. crude oil inventories rose by 3.3 million barrels
in the week ended February 7, compared to expectations for an
increase of 2.7 million barrels.
Total U.S. crude oil inventories stood at 361.4 million barrels
as of last week.
The report also showed that total motor gasoline inventories
decreased by 1.9 million barrels, compared to forecasts for a drop
of 50,000 barrels, while distillate stockpiles declined by 731,000
Meanwhile, data released earlier showed that China's trade
surplus widened to USD31.86 billion last month from a surplus of
USD25.6 billion in December, compared to estimates for a surplus of
Chinese exports climbed 10.6% from a year earlier, beating
expectations for a 2% increase and following a 4.3% gain in
December. Imports rose 10%, compared to forecasts for a 3%
According to the report, China imported a record-high 28.16
million metric tons of crude oil in January, equivalent to 6.66
million barrels a day.
The Asian nation is the world's second largest oil consumer
after the U.S. and has been the engine of strengthening demand.
OPEC, meanwhile, said world oil demand would grow at a slightly
faster rate than previously expected in 2014. They now see growth
of 1.09 million barrels a day, up from a previous estimate of 1.05
million barrels per day.
Elsewhere, on the ICE Futures Exchange in London, Brent oil
futures for March delivery tacked on 0.6% to trade at USD109.30 a
barrel, while the spread between the Brent and U.S. crude contracts
stood at USD8.27 a barrel.
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