Rising Oil Prices Despite Sudden Increase in U.S. Crude Inventories

Oil prices rose today, Wednesday, in light of continued US blackouts and a weak dollar, but a sudden increase in US crude inventories last week limited gains.

Brent futures were up 0.8% to $ 65.89 a barrel at 11:09 a.m. GMT while West Texas Intermediate U.S. crude futures rose 0.6% to 62 .04 $ per barrel.

The American Petroleum Institute said on Tuesday that crude inventories rose 1 million barrels during the week ending Feb. 19, compared to estimates of a decrease of 5.2 million barrels.

“This morning we saw oil swing between profits and losses, but it has been strengthened recently due to the weaker US dollar,” said Kevin Solomon, analyst at Stone X.

The dollar index traded against a basket of six major currencies near its six-week low on Wednesday.

Source: Reuters

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