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US crude inventories posted their strongest weekly rise for more than a year and a half on Wednesday, as oil prices stay close to their highest levels in four years.
US crude oil inventories rose 7.98 million barrels in the week ending September 28th, the Energy Information Administration – the biggest weekly increase since March 2017 – announced. This far exceeded expectations for construction. 876,770 barrels.
However, gasoline inventories unexpectedly dropped by 459,000 barrels, skewing analysts' expectations of an increase of 906,500 barrels.
Oil briefly slipped as a result of the report but rebounded thereafter. West Texas Intermediate, the US crude marker, fluctuated between modest losses and gains and rose 0.1% to $ 75.31 per barrel to the nearest pixel. At the same time, its global counterpart, Brent, rose 0.4% to $ 85.14 a barrel.
Brent broke the $ 85 a barrel mark for the first time in nearly four years this week, amid renewed concerns over US sanctions against Iran and optimism over global economic growth. The eleventh-hour agreement between Canada and the United States also revived the North American Free Trade Agreement with a new trilateral agreement that raised expectations for crude oil demand on the continent.
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