Investing.com - U.S. oil stockpiles rose by 2.4 million barrels last week, the Energy Information Administration reported Wednesday, confounding expectations for a drawdown in crude.
- Analysts were predicting a crude drawdown of 249,000 barrels, according to Investing.com.
- Gasoline inventories rose by 519,000 barrels, compared with a consensus for a rise of 296,000 barrels. Distillate stocks tumbled by nearly 3 million barrels, while analyst were looking for a drawdown of 733,000 barrels.
- WTI futures were down 2.5% to $55.84 after the release of the numbers. Crude prices were down more than 2% already ahead of the release on raft of geopolitical uncertainly, from Iran to the U.S. impeachment inquiry, and also the API build reported yesterday.