USA oil inventories up unexpectedly

USA oil inventories up unexpectedly

Domestic production last week rose to 10.59 million barrels per day, a 46,000 barrel increase, according to EIA.

Supplier cutbacks, steady demand growth, geopolitical tensions and a favourable structure in the futures market have attracted record investment in oil this year.

Crude inventories rose by 2.2 million barrels in the week to April 20, defying expectations for a 2 million barrel drawdown.

Oil prices fell on Wednesday after weekly USA government data showing stockpiles of crude oil and gasoline rose weighed on an otherwise hot petroleum market.

On the Shanghai International Energy Exchange, the most active September crude futures contract was down 37 cents/b (0.53%) from Tuesday's settle at Yuan 438.60/b ($69.59/b).

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 459,000 barrels, EIA said. Gasoline stocks were down (-3.0m vs. -0.3m expected) while distillate stocks (-3.0m vs. -0.4m expected) were also down.

Crude oil futures edged higher Wednesday despite a significant build in United States oil inventories.

Geopolitical tensions, including the prospect of fresh sanctions on Iran and disruption to the country's oil flows, helped push oil higher this month. Brent crude is now above $74.0.

"Crude oil prices see-sawed lower overnight, after the previous days' climb to its 2014 highs", OCBC Commodity economist Barnabas Gan said. "However, given the already vast holdings of long positions in oil, there are doubts over the scope for further inflows".

As of 0220 GMT, the US Dollar Index was up 0.16% at 90.695.



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