U.S. crude stockpiles rise on heavier imports: EIA
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A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson
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By David Gaffen
(Reuters) - U.S. crude oil inventories rose more than expected last week on increased imports and a build at the storage hub in Cushing, Oklahoma, the U.S. Energy Information Administration showed on Wednesday.
The price of oil was higher on the day. U.S. crude futures
U.S. crude was up 29 cents, or 0.6 percent, at $46.11 a barrel, while Brent crude rose 26 cents, or 0.5 percent, to $47.21 a barrel, as of 10:51 a.m. EST (1551 GMT).
"This (build) is larger than expected but not enough to offset the anticipation of OPEC and some of the macro things that are going on around the world," said Scott Shelton, energy specialist at ICAP in Durham, North Carolina.
"I would not be surprised if the market ignores this and we end up higher on the day."
The Organization of the Petroleum Exporting Countries will meet at the end of the month, where it is expected to cap oil production to offset an ongoing supply glut.
U.S. crude imports
Stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures
The build came even as refinery crude runs
(Reporting By David Gaffen; Editing by Marguerita Choy)
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Create E-mail Alert Related CategoriesCommodities, Reuters
Related EntitiesOil Inventories, Crude Oil, OPEC
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