US crude inventories jump more than 21 million barrels
The US Energy Information Administration revealed today that the country's crude inventories jumped 21.6 million barrels to 484.6 million barrels last week, worse than analysts' forecasts of a rise by 1.3 million barrels.
The gasoline inventories fell 13.6 million barrels, and distillate stocks fell 9.7 million to 143 million barrels.
While the American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories rose 7.4 million barrels during the same period.
Oil extends gains, shrugs off big jump in US crude inventories
Oil prices rose on Wednesday, to extend their gains despite a big jump in the US crude inventories.
The US Energy Information Administration revealed today that the country's crude inventories jumped 21.6 million barrels to 463 million barrels last week, worse than analysts' forecasts of a rise by 1.3 million barrels.
While the American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories rose 7.4 million barrels during the same period.
The dollar index rose against a basket of major currencies by 0.1% to 90.9 points as of 17:12 GMT, after hitting a high of 91.06 points and a low of 90.6 points.
As of 17:08 GMT, WTI crude April futures rose 3.1% to $61.6 a barrel, after hitting a high of $61.8 and a low of $59.2.
Brent May futures rose 2.6% to $64.3 a barrel, after hitting a high of $64.4 and a low of $62.3.
US stocks open lower on disappointing data
US stock indices opened lower on Wednesday, after the release of disappointing economic data.
Investors are focusing on the movement of the US Treasury bond yields and odds for further upside, which puts weighs down on stocks.
ADB data showed that the US private sector added 117,000 jobs during February, while expectations indicated that 203,000 jobs would be added.
US President Joe Biden stated that the US will have enough Covid-19 vaccines for every adult by the end of May.
As for stocks, Dow Jones fell 0.2% or 50 points to 31,342 as of 15:17 GMT, Nasdaq fell 1.5% or 208 points to 13,141, and S&P 500d dipped 0.8% or 30 points to 3,839.