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Crude Oil Holds Above $105 Barrel Following Rise in U.S. Crude Stockpiles

Crude-oil is holding above $105 a barrel in late morning trading after the latest government report on domestic inventories shows a crude stocks rising for the week ended March 18.

The Energy Information Administration said inventories of crude rose by 2.1 million barrels, matching analysts polled by Platts, who were looking for a consensus build of 2 million barrels. Gasoline stockpiles fell 5.3 million barrels, the EIA said, while analysts were looking for a 2 million barrel decline.

Distillates inventories, mainly heating oil and diesel fuel, were largely unchanged for the week. Analysts were looking for a decline of 1.5 million barrels, according to the Platts poll.

The United States Oil ( USO ) exchange traded fund is trading at $42.11, up $0.18, or 0.43%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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