U.S. Crude Slips On Inventory Build, Gasoline Rallies


U.S. Crude Slips On Inventory Build, Gasoline Rallies

U.S. oil prices slipped on Wednesday after a surprising increase in U.S. crude inventories, while U.S. gasoline futures rallied 1 percent on a sharp falloff in inventories.

Brent crude edged up after top exporter Saudi Arabia reiterated its determination to end a three-year supply glut.

The deep draw in gasoline inventories came even as refining output rose, according to data from the U.S. Energy Information Administration. This suggested demand remained strong after the peak U.S. driving season.

Crude inventories rose by 856,000 barrels in the week to Oct. 20, the EIA said. Analysts had expected a decrease of 2.6 million barrels. Production rebounded from a falloff due to Hurricane Nate, and imports rose. Read More…

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